Britain’s financial industry regulators have given the green light to Phoenix Group’s acquisition of two UK businesses that are part of insurance giant AXA.
Phoenix Group announced on Monday that the Prudential Regulatory Authority and the Financial Conduct Authority have each given their consent to its acquisition of Embassy and SunLife.
Embassy is AXA’s pensions and investments unit in the UK, while SunLife offers protection to the over-50s. Phoenix’s acquisition of the businesses is expected to be completed on November 1.
Through its subsidiary Pearl Life Holdings, Phoenix purchased the AXA businesses for £375 million in May. The deal increased Phoenix’s assets under management by £12.3 billion and added over 910,000 policies.
In a statement announcing the deal earlier this year, Phoenix Group CEO Clive Bannister said the Embassy and SunLife businesses are a “strong fit” to the company.
“The acquisition of the Embassy and SunLife businesses represents another important step forward in Phoenix’s growth strategy,” Phoenix Group CEO Clive Bannister said in a previous statement.
“The transaction meets our acquisition criteria and will generate additional cash for the group,” he added.
In July, the Competition and Markets Authority launched an inquiry into the transaction to determine if it will result in a “substantial lessening of competition within any market or markets in the UK for goods or services.”
The competition watchdog later cleared the Phoenix-AXA deal, saying it would not refer the transaction for a further probe.
Related stories:
Regulator clears £375 million AXA-Phoenix deal
UK watchdog to look at AXA-Phoenix deal
Phoenix eyes more acquisitions after AXA UK buyout
