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Old Mutual agrees to sell stake on OM Asset Management

27 March 2017 07:14

Old Mutual has agreed to sell a 24.95% shareholding in OM Asset Management (OMAM) to HNA Capital US in a two-step transaction for gross cash consideration of about $446m.

Old Mutual's shareholding would reduce from 50.8% to 25.9%. The transaction comprised a sale of a 9.95% tranche of OMAM shares held by Old Mutual at a price of $15.30 a share and a sale of a further 15% held by Old Mutual at a price of $15.75 a share.

The completion of the first tranche was subject to antitrust clearance under the Hart-Scott-Rodino (HSR) Act in the US and was expected to take place in about 30 days.

Completion of the second tranche was subject to receipt of certain additional regulatory approvals in various other jurisdictions and was expected to take place in the second half of 2017.

Old Mutual was not subject to any lock-up arrangements in respect of its remaining shareholding, other than its commitment to retain sufficient shares to perform its obligations with respect to this transaction.

Consistent with its previous statements, Old Mutual intended to continue the reduction of its holding in OMAM in an orderly manner.

Story provided by StockMarketWire.com

Related Company: OML

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