Phoenix Group set to sell European business for £550m

It confirmed the sale process after press speculation which revealed the provider was looking to sell its European arm to European Life Group Holding (ELG), a privately owned vehicle backed by the US-based fund Sixth Street. Sky News said its sources predicted a deal worth £550m could be announced this week. Phoenix said in a statement: "A sale of the European businesses will only be considered if it maximises value for shareholders. Discussions are ongoing and there can be no certainty that any transaction will be agreed." Sky said the transaction would continue a "frenetic period...