Phoenix Group terminates talks with private equity firm

Phoenix Group has terminated takeover talks with private equity firm CVC.

In a statement to the stockmarket this morning, the closed life firm says it is not in acquisition discussions with any other firm.

Phoenix announced in November that it was is in early stage discussions with CVC over a possible £1bn takeover. It had previously been in talks with Clive Cowdrey’s consolidation vehicle Resolution.

Phoenix Group chief executive Clive Bannister says: “Whilst the board is obliged to consider credible approaches, the terms proposed by CVC did not reflect our view of the full value of Phoenix and its stable, long-term cash flows.

“As a result, we have mutually decided to terminate these discussions. Phoenix continues to focus fully on our business, customers, shareholders and staff to maximise the potential of our powerful consolidation platform.”