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Standard Life Aberdeen raises Phoenix stake after insurance deal

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(Reuters) – Standard Life Aberdeen (SLA) <SLA.L>, which earlier this year agreed to sell most of its insurance business to Phoenix Group <PHNX.L>, raised its stake in Phoenix to almost 27 percent, a filing showed on Tuesday.

As part of the sale agreed in February, SLA was to receive 2.3 billion pounds in cash and a 19.9 percent stake in Phoenix.

SLA’s Phoenix stake is now 26.94 percent up from 8.71 percent on Monday, the filing showed.

The Phoenix deal completed on Friday for SLA’s UK and European insurance businesses. Phoenix and SLA will also now work together in the UK long term savings market, with Phoenix licensing the use of the Standard Life brand.

(Reporting by Noor Zainab Hussain in Bengaluru, editing by Sinead Cruise and Jane Merriman)

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