LONDON--Phoenix Group Holdings (PHNX.LN) Friday said it has raised 193.9 million pounds ($281.1 million) before expenses via a share placing to pay for the acquisition of AXA's SA (CS.FR) investment, pensions and direct protection businesses in the U.K.

The insurer said HSBC Bank PLC (HSBC) and J.P. Morgan Securities PLC (JPMF-XX) have placed 22.5 million new ordinary shares in the company at a price of 860 pence a share, a 1.2% premium to its closing price of 849.50 pence Thursday.

Earlier on Friday, AXA said it has agreed to sell the U.K. business to Phoenix Group, as part of its strategy to exit some parts of Europe and invest in faster growing markets.

Phoenix Group shares at 1400 GMT up 20.50 pence, or 2.4%, at 867.50 pence valuing the company at GBP1.95 billion.

Write to Olga Cotaga at olga.cotaga@wsj.com, Twitter @OlgaCotaga

(END) Dow Jones Newswires

May 27, 2016 10:17 ET (14:17 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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