February 23, 2018 / 7:28 AM / 3 months ago

Phoenix Group to raise 950 mln stg to fund Standard Life Aberdeen deal

Feb 23 (Reuters) - Phoenix Group on Friday said it would raise 950 million pounds ($1.32 billion) in a rights issue to finance the acquisition of Standard Life Aberdeen’s European life insurance business for 2.93 billion pounds.

The deal would create an enlarged group with 240 billion pounds of legacy assets and 10.4 million policyholders, Britain’s largest owner of closed life assurance funds said.

$1 = 0.7175 pounds Reporting by Noor Zainab Hussain in Bengaluru; Editing by Vyas Mohan

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