Phoenix Group ends European business sale talks

In May, the group confirmed it was in talks to spin off its European arm in a £550m deal. The potential buyer was European Life Group Holding (ELG), a privately owned vehicle backed by the US-based fund Sixth Street. On Tuesday (15 June), the group said it received "unsolicited expressions of interest" for Phoenix Europe and had recently been in advanced discussions about a potential sale. However, it said the group's board concluded the deal on offer would not maximise shareholder value and, therefore, discussions have ended. The group said its European operation continued to offer "...