TDR reaps £145.2m on Phoenix share sale

The sell-down leaves TDR holding 14 million shares in the company, representing 6% of issued share capital.

The partial exit saw Phoenix's share price slump, down by 3.55% to £6.79 at the time of writing.

TDR and Sun Capital Partners originally bought the closed life insurance businesses of HHG in April 2005, creating the Pearl Group. In 2007 Pearl delisted Resolution in a £5.5bn deal. In September 2009, Pearl reversed into Liberty Acquisition Holdings Company, listed on Euronext. In July 2010, Phoenix transferred to a premium listing on the London Stock Exchange.

Company
Phoenix is a UK consolidator of closed life assurance funds. Its principal funds are Phoenix Life, London Life, NPI, Pearl Assurance and Scottish Mutual International. The company manages more than £67bn of assets for around 6 million policy holders.

People
Sir Howard Davies is the chairman of Phoenix.

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• Topics
• Exits
• UK / Ireland
• Financials
• TDR Capital
• United Kingdom