Closed book consolidator Phoenix is to acquire Abbey Life from Deutsche Bank for £935m.
The deal was announced to investors on 28 September. It will add £10bn of assets under management and about 735,000 policyholders to the six million strong group. Phoenix will fund the buyout through a £735m rights issue and a £250m bank loan. Phoenix said the purchase was a "compelling opportunity" in line with its strategic focus. It expects it to generate £0.5bn of aggregate cashflows between 2016 and 2020 rising to about £1.1bn from 2021 onwards. CEO Clive Bannister said: "This is a pivotal deal for Phoenix, giving us the platform and scale to continue as a leader in the consol...
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