TDR Capital Plans To Unload $207M Phoenix Group Stake

Law360, New York (December 4, 2013, 4:22 PM EST) -- Investment firm TDR Capital LLP on Tuesday unveiled plans to halve its Phoenix Group Holdings PLC stake in a deal that will leave it an 8 percent interest in the British insurer and a payout worth roughly £159 million ($207 million), based on current market rates.

The London-based private equity house has launched an accelerated book build aimed at selling about 18 million of the 35.9 million Phoenix shares it owns to unnamed institutional investors. If buyers snap up all 18 million shares, TDR said it...
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