IFLR1000

Phoenix Group Holdings £935 million acquisition of Abbey Life

28/9/2016
Acquisition finance, Investment grade bond/note issue, Public acquisition
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£ 935 million

$ 1.215 billion

Announced

28/9/2016

Overview:

  • Phoenix Group Holding has undertaken a £935 million proposed acquisition of life insurer Abbey Life from Deutsche Bank.
  • The deal will be financed through a £735 million rights issue and a £200 million loan.
  • Abbey Life has £10 billion of assets under administration from 735,000 policyholders.
  • The deal is the second large insurance acquisition in the last few months following CPPIB's acquisition of Ascot.
  • HSBC, Morgan Stanley and JPMorgan acted as underwriters on the rights issue.

Sam Duke - Editor

Jurisdiction:

United Kingdom

Deal types:

Acquisition finance
Investment grade bond/note issue
Public acquisition

Practice areas:

Capital markets : Debt
M&A

Industry sector:

Insurance

Firms:
Clifford Chance

Party: Deutsche Bank AG Na ON (Seller)

Lawyer: Hilary Evenett

Freshfields Bruckhaus Deringer

Party: Phoenix Group Holdings (Borrower)

Lawyer: Sean Pierce (retired)

Herbert Smith Freehills

Party: JPMorgan Chase (Underwriter)

Party: HSBC (Underwriter)

Party: Morgan Stanley (Underwriter)

Lawyers: Malcolm Lombers, Mike Flockhart

Skadden Arps Slate Meagher & Flom

Party: Phoenix Group Holdings (Acquirer)

Lawyers: Danny Tricot, Linda Davies (retired), Robert Stirling

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