Phoenix Group in talks with Cinven to buy Guardian Financial - Sky News
(Reuters) - Phoenix Group Holdings , Britain's largest consolidator of closed life funds, is in talks to buy smaller rival Guardian Financial Services in a deal that could cost over 1 billion pounds, Sky News said on Wednesday.
Phoenix has held tentative talks with Guardian Financial's owner Cinven, the private equity firm, about a deal that would create a 70 billion-pound asset manager, Sky said, citing people close to the situation.
Swiss Re AG's closed life funds arm, Admin Re, is also among companies eyeing the takeover of Guardian Financial, Sky said.
Cinven declined to comment. No one at Phoenix or Admin Re could immediately be reached for comment.
(Reporting by Ismail Shakil in Bengaluru; Editing by Greg Mahlich)
