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BRIEF-Old Mutual sells minority stake in U.S. fund arm to China's HNA
March 27, 2017 / 6:14 AM / in 4 months

BRIEF-Old Mutual sells minority stake in U.S. fund arm to China's HNA

1 Min Read

March 27 (Reuters) - Old Mutual Plc:

* Old Mutual to sell stake in OMAM to HNA Capital US

* Old Mutual Plc agrees to sell a minority stake in OMAM to HNA Capital US

* Two-Step transaction for gross cash consideration of approximately $446 million

* Transaction comprises a sale of a 9.95 pct tranche of OMAM shares held by Old Mutual at a price of $15.30 per share

* Following transaction, Old Mutual's shareholding will reduce from 50.8 pct to 25.9 pct

* Sale of a further 15 pct held by Old Mutual at a price of $15.75 per share

* Completion of first tranche is subject to antitrust clearance under Hart-Scott-Rodino act in US

* Expected to take place in approximately 30 days

* Completion is expected to take place in second half of 2017

* Old mutual will use proceeds from transaction for general corporate purposes

* Bank of America Merrill Lynch and Evercore acted as joint financial advisors For full story, click on: Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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