Phoenix Group has entered into an agreement to sell Ark Life Assurance Company to Irish Life Group.
The acquisition is for a total cash consideration of €230m (£197m, $272m) and is payable on completion.
The M&A deal is set to be finalised by early 2022, subject to customary regulatory and anti-trust approvals.
Phoenix said in a London Stock Exchange announcement: “This transaction simplifies our European operations and accelerates the cash release from this business. The group expects to redeploy the capital into higher return growth opportunities to drive incremental future cash generation.
“Phoenix continues to progress a range of management actions to maximise shareholder value from its remaining European business, Standard Life International, which provides strategic optionality to the group over the longer term.”
Ark Life is a closed book business which manages heritage savings and protection products in Ireland and was acquired by Phoenix as part of the ReAssure M&A deal in 2020.
