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UK competition watchdog to not refer AXA-Phoenix deal for further probe

Reuters

(Reuters) - Britain's competition watchdog said it would not refer French insurer AXA's (AXAF.PA) sale of its UK investment and pensions business to Phoenix Group (PHNX.L) for further investigation.

The Competition and Markets Authority (CMA) said last month that it was considering whether the proposed deal could lead to a cut in competition in UK markets.

AXA said in May that it would sell the business to Phoenix, Britain's largest owner of life assurance funds closed to new customers, completing a well-flagged exit from a mature life assurance market to focus on faster-growing emerging economies.

Phoenix said it would pay 375 million pounds in cash to close the deal, and that it will add 12.3 billion pounds of assets under management and more than 910,000 policies.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)