Update on Standard Life Assurance Transaction

RNS Number : 0453N

Phoenix Group Holdings

03 May 2018

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

Update on Standard Life Assurance transaction

Standard Life Aberdeen plc ("Standard Life Aberdeen") and Phoenix Group Holdings ("Phoenix") are providing an update regarding the proposed sale of Standard Life Aberdeen's UK and European insurance business ("Standard Life Assurance") to Phoenix (the "proposed transaction"). As previously announced, the proposed transaction is expected to complete in the third quarter of 2018.

Phoenix and Standard Life Aberdeen are actively progressing with the separation and integration planning for the proposed transaction. As part of this process, Standard Life Aberdeen continues to engage with its UK regulators in relation to the future prudential supervision of the group. Standard Life Aberdeen is also considering the potential for a substantial return of capital to shareholders following completion.

Phoenix has made good progress with the financing for the proposed transaction, having issued its inaugural Restricted Tier I bond on 26 April 2018, and continues to engage with its regulators.

It is expected that the general meetings for each of Standard Life Aberdeen and Phoenix shareholders to approve the transaction will be held contemporaneously. It is expected that the parties' respective circulars and the Phoenix prospectus will be published shortly after 29 May 2018, which is the date of Standard Life Aberdeen's annual general meeting. The general meetings of Standard Life Aberdeen and Phoenix to approve the proposed transaction will take place as soon as practicable thereafter, in line with conventional notice periods.

Enquiries

Equity Investors/Analysts:
Claire Hawkins, Head of Investor Relations, Phoenix
[phone]

Media:
Neil Bennett, Maitland
[phone]

Disclaimer

This announcement is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities.

 

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