Closed life consolidator Phoenix Group is in talks with Guardian Financial Services over a buyout deal valued at more than £1bn.
In a note to the stock exchange, Phoenix Group confirmed previous press speculation about the takeover. It said it believes there are a number of potential acquisitions and consolidation opportunities in the UK closed life sector and has been “reviewing those options”. The statement added: “Having secured an investment grade rating earlier this year, the group is well positioned to take advantage of the consolidation opportunities in its sector. “In this context, Phoenix has been evaluating Guardian Financial Services as part of an on-going sale process for the Guardian Financial S...
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