Abrdn has sold just under 40m shares in Phoenix Group in placing to institutional investors, raising gross proceeds of around £264m.
Following settlement of the placing, which is expected to take place on 1 February, abrdn will hold a stake of around 10.4% in Phoenix and will continue to appoint a director to the company’s board.
The investment company said on Friday that it plans to return the proceeds of the placing to shareholders. The method and timing of the return will be announced “as soon as practicable” after the results on 1 March.
Goldman Sachs acted as sole global coordinator and bookrunner in connection with the placing.
Abrdn chief executive Stephen Bird said: “Our strategic partnership with Phoenix remains very important to us. This was further evidenced by the simplified and extended relationship we announced in February 2021.
“We have therefore reconfirmed our commitment to our remaining 10.4% shareholding in Phoenix which retains our right to appoint a director to the Phoenix board.”
