Blackstone and Philadelphia Financial are reportedly planning to submit joint bids to acquire Friends Life’s tax planning arm, Lombard International Assurance in Luxembourg.
Friends Life, which started discussion to offload the division six months ago, aims to garner abut £400 million from the disposal of Lombard International, Sky News has reported.
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It is believed that the UK-based life insurer aims to concentrate on main business by shredding its non-core business Lombard.
Philadelphia Financial, which serves high net-worth families through intermediaries, sees Lombard as an attractive way to develop that area of its business, according to the publication.
The news agency has reported that Friends Life had appointed Barclays to look into the divestment process of Lombard.
Additionally, Friends Life is also conducting a strategic review of its advisory arm Sesame Bankhall Group, for which it has already appointed British bank Barclays in February 2013.
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