Resolution Group, the consolidation vehicle which bought Friends Provident last year, is in talks to buy AXA UK's annuity, protection and group pensions business for £2.75bn.
The group, led by entrepreneur Clive Cowdery, is speaking to investors about a huge rights issue to fund the deal which it hopes to wrap up in the next fortnight. If the transaction is successful, it would lead to the creation of one of the UK's largest protection and group pension businesses. Friends Provident made the decision to focus on these areas as well as its International arm following a strategic review in 2008. However, the deal will not include Axa UK's Wealth arm which encompasses the Axa Elevate wrap platform and multi-manager unit Architas. Axa would also keep its prese...
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