Deals
Phoenix Triples Business in Standard Life Deal; Shares Jump
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Investors cheered Phoenix Group Holdings’ acquisition of Standard Life Aberdeen Plc’s insurance unit Friday, a deal that will triple the U.K. company’s life-insurance assets.
Phoenix rose as much as 7.6 percent to a record in London after it announced the 3.2 billion-pound ($4.5 billion) deal. As part of the transaction, Standard Life Aberdeen will get almost 20 percent of Phoenix’s shares.