TDR Capital to sell 8 percent stake in Phoenix Group
LONDON Dec 4 (Reuters) - Private equity group TDR Capital has started an accelerated book build to sell half of its 16 percent stake in British life insurer Phoenix Group , it said on Wednesday.
TDR, which owns 35.9 million shares in Phoenix, said it intends to offer up to 18 million shares to institutional investors in the process, which will be managed by Morgan Stanley Securities
Should it sell all of the shares in the offering, TDR will keep its remaining 8 percent stake in Phoenix and will not sell any more shares in the company for 120 days following the offering's completion.
Shares in Phoenix closed at 704 pence on Wednesday valuing the company at 158.3 billion pounds. This values the stake being offered by TDR at about 127 million pounds.
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