Leading life consolidator Phoenix Group is reported to be nearing the sale of its £550 million-rated European businesses to an unconfirmed buyer.
Sky News says the deal is currently being finalised and that it could be announced as early as next week.
Phoenix, whose market capitalisation stands at roughly £7.35 billion, is said to be offloading the businesses to privately owned vehicle European Life Group Holding (ELG), though this is yet to be confirmed by either party.
Phoenix is reported by Sky as having confirmed that it was exploring options to offload its European businesses last November, following interest from a number of third parties.
Under the terms of the transaction, Phoenix sold its SLAL UK investment and platform-related products and acquired ownership of the Standard Life brand.
As a result, the Client Service and Proposition Agreement entered into between the two groups was dissolved.
