UK's Phoenix to buy Deutsche Bank's Abbey Life for $1.22 billion
Phoenix Group Holdings, Britain's largest owner of life assurance funds closed to new customers, said it would buy Deutsche Bank AG's British insurance business Abbey Life Assurance Co for 935 million pounds in cash.
Phoenix said it would raise 735 million pounds via a rights issue and use 250 million pounds from a new bank facility to fund the purchase.
The company said the deal would add 10 billion pounds of assets under management and approximately 735,000 policyholders.
Deutsche Bank said the deal would result in a pre-tax loss of about 800 million euros (687.39 million pounds),... read more
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