abrdn to offload 4% stake in UK insurer Phoenix Group for £264m
UK-based investment company abrdn (formerly Standard Life Aberdeen) said that it will sell nearly 40 million ordinary shares in Phoenix Group Holdings, which is a stake of around 4%, for a sum of £264 million to institutional investors.
Phoenix Group is a UK-based long-term savings and retirement business.
abrdn had sold the shares in Phoenix Group Holdings via an accelerated bookbuild to a variety of institutional investors (“the Placing”). The investment company plans to return the net proceeds of the transaction to its shareholders.
abrdn to offload 4% stake in UK insurer Phoenix Group for £264m. (Credit: Bread Bailey/Wikipedia.org)
Stephen Bird — CEO of abrdn said: “Our strategic partnership with Phoenix, the largest life and pensions consolidator in Europe, remains important for us, as evidenced by the simplified and extended relationship we announced in February 2021. Through our disciplined management of capital, I am pleased that we are well positioned to return the proceeds of this transaction to shareholders.”
After the settlement of the transaction, abrdn’s stake in Phoenix Group Holdings will be around 10.4%.
Furthermore, abrdn will continue being the core strategic asset management partner of the insurance services provider and manages £165 billion of its assets under administration.