Life insurance consolidator Phoenix Group has confirmed it is in discussions to sell its European businesses.
The group, which bought out the majority of Standard Life Aberdeen’s insurance business in 2018, said that talks were ongoing and there was no certainty a deal will be struck.
The statement added: “The board of Phoenix Group Holdings notes the recent press speculation regarding the potential sale of its European businesses and confirms that it is now in advanced discussions in respect of a potential sale.
“A sale of the European businesses will only be considered if it maximises value for shareholders.”
The statements comes after Sky News reported that Phoenix Group was finalising the details of a sale to European Life Group, a privately owned vehicle backed by the US-based fund Sixth Street.
It said that a deal, worth about £550m, could be announced as early as this week.
In February, Standard Life announced it would sell that brand to Phoenix, with the intellectual property transfer taking place during the course of 2021.
Certain colleagues who support this brand and related marketing will also transfer to Phoenix, with Standard Life Aberdeen paying Phoenix £32m in return for it bearing the cost of some transferring staff.
Last month, Standard Life Aberdeen announced it had settled on a new name to unite all its remaining products and divisions under a single brand, Abrdn.
The rebranding will start to roll out over the summer and progress through 2021, the company said.
There will also be a “full stakeholder engagement plan to manage the transition”.
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