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Old Mutual sells minority stake in US asset management arm to HNA Capital

Old Mutual no longer holds a controlling stake in OM Asset Management after selling shares in the US business to HNA Capital.

Old Mutual
Old Mutual has cut its shareholding in OM Asset Management

Old Mutual plc (LON:OML) has agreed to sell a minority stake in its US asset management business to Chinese financial services conglomerate, HNA Capital, for US$446mln.

The group has sold a 24.95% shareholding in OM Asset Management to the US arm of HNA, reducing its stake to 25.90%.

The transaction involves two stages. Old Mutual will sell a 9.95% tranche of its shares in the company at $15.30 per share and a further 15% at a price of $15.75 per share.

Quick facts: Old Mutual Limited

Price: 57.54 GBX

LSE:OMU
Market: LSE
Market Cap: £2.71 billion
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