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BRIEF-Phoenix to sell asset management unit to Standard Life for 390 mln stg
March 26, 2014 / 7:17 AM / 4 years ago

BRIEF-Phoenix to sell asset management unit to Standard Life for 390 mln stg

March 26 (Reuters) - Phoenix Group Holdings : * Divestment of Ignis * Divestment of Ignis Asset Management Ltd to Standard Life Investments (Holdings) Ltd for 390 mln stg * Announces commencement of long-term asset management alliance with Standard Life Investments * Says proceeds will be used to repay an estimated 250 million stg of group’s Impala debt facility * Says would meet 2016 gearing target two years earlier than originally anticipated * Transaction is conditional on regulatory approval with completion anticipated by end of second quarter of 2014 * Source text for Eikon: * For more news, please click here

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