27th Mar 2014 09:06
LONDON (Alliance News) - Old Mutual PLC Thursday said it has agreed to sell Skandia Germany and Skandia Austria to a Cinven and Hannover Re acquisition vehicle for EUR220 million in cash, as its wealth division continues to simplify its operations in Europe and focus on core growth markets.
At the end of 2013 Skandia Germany and Skandia Austria had a combined EUR4.9 billion in funds under management.
The transaction is subject to regulatory approvals and other customary conditions and is expected to complete by the end of the third-quarter of 2014. Proceeds will be retained for general corporate purposes.
In November, Old Mutual sold Skandia Poland to Vienna Insurance Group for an undisclosed sum.
Old Mutual provides life assurance, asset management, banking and property & casualty insurance to more than 16 million customers in Africa, the Americas, Asia and Europe.
Cinven and Hannover Re have an unconditional agreement to acquire Heidelberger Leben, which is to be renamed Heidelberger Leben Group on completion.
Old Mutual shares were Thursday quoted at 200.20 pence, up 0.1%.
By Samuel Agini; [email protected]; @samuelagini
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