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UK watchdog to look at AXA-Phoenix deal

UK watchdog to look at AXA-Phoenix deal

UK watchdog to look at AXA-Phoenix deal The Competition and Markets Authority in the UK is reportedly considering whether major French insurer AXA’s sale of its UK investment and pensions business to Phoenix Group could reduce competition in the marketplace.

We reported back in May that a deal had been reached for AXA to sell its business to Phoenix (see AXA continues UK sell-off), which is currently Britain’s largest owner of life assurance funds closed to new customers. This would mark an exit from the mature life assurance market as the company attempts to focus on fast-growing emerging economies.

Phoenix had stated that it would pay £375 million to close the deal – and was set to add £12.3 billion in assets under management and more than 910,000 policies.

However, now, according to a Reuters report, the watchdog is looking into the deal and has invited interested parties to make comments by July 18.

AXA and Phoenix have yet to comment.

Related links: 

Phoenix eyes more acquisitions after AXA UK buyout
AXA continues UK sell-off