Deals
Deutsche Bank to Take €800 Million Hit on Abbey Life Sale
- Deutsche Bank will book 800 million-euro loss on deal
- Phoenix to raise 735 million pounds in stock to help fund deal
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Phoenix Group Holdings said it’s buying Deutsche Bank AG’s U.K. insurance unit Abbey Life Assurance Co. for 935 million pounds ($1.2 billion).
The U.K. consolidator of closed-life insurance businesses said it will fund the deal with a share sale along with a banking facility, according to a statement Wednesday. The German lender said it will book a pretax loss of about 800 million euros ($895 million) from the sale.