Business
Completion of acquisition of ReAssure Group plc
Completion of acquisition of ReAssure Group plc.
About this update from Standard Life Plc
[{"type":"text","content":"\n \n \n RNS Number : 8094T\n Phoenix Group Holdings PLC\n 22 July 2020\n \n \n \n \n Completion of acquisition of ReAssure Group plc\n \n \n Phoenix Group Holdings plc (\"Phoenix\" or the \"Company\" and, together with its subsidiaries, the \"Group\") is pleased to announce the completion of the acquisition of ReAssure Group plc (\"ReAssure\") from the Swiss Re Group (\n the \"Acquisition\").\n \n \n \n Andy Briggs, CEO of the Phoenix Group commented\n \n : \"I am delighted to confirm completion of the acquisition of ReAssure and would like to extend a warm welcome to our new colleagues joining Phoenix. The transaction marks another significant milestone on Phoenix's growth journey further strengthening the Group's key attributes of cash, resilience and growth and establishing the Group as the UK's largest long-term savings and retirement business.\"\n \n \n Applications have been made to the FCA and the LSE for the 277,277,138 new ordinary shares of Phoenix being issued to the Swiss Re Group as part consideration for the Acquisition, representing approximately 27.8% of the enlarged share capital of Phoenix, to be admitted to the premium listing segment of the FCA's Official List and to trading on the LSE's main market for listed securities (\"Admission\"). It is expected that Admission will become effective at 8.00 a.m. on 23 July 2020.\n \n \n Pursuant to an agreement between the Swiss Re Group and MS&AD Insurance Group Holdings, Inc. (\"MS&AD\"), upon Admission the Swiss Re Group will transfer 144,877,304 shares representing approximately 14.5% of the enlarged share capital of Phoenix to MS&AD.\n \n \n Matt Cuhls will retain his position as CEO of ReAssure Limited and will join the Group's Executive Committee, alongside his ReAssure colleague Michael Eakins who will join as Group CIO as previously reported.\n \n \n Further, with effect from today, the Company has been substituted in place of ReAssure as the issuer of the following series of\n debt securities (the \"Notes\"), each of which are listed on the FCA's Official List and admitted to trading on the LSE's Professional Securities Market:\n \n \n \n \n \n • £500,000,000 5.867% Tier 2 Subordinated Notes due 2029 (ISIN: XS2012046665; principal amount outstanding: £500,000,000);\n \n \n \n \n \n • £250,000,000 Fixed Rate Reset Callable Tier 2 ...