Chinese Conglomerate Buys Stake in Old Mutual US Unit
Chinese conglomerate HNA Group has agreed to buy a 25% stake in Old Mutual US Asset Management unit for about $446 million. HNA Group has spent $30 billion last year acquiring stakes in various companies.
“Chinese conglomerate HNA Group has agreed to buy a 25% stake in Old Mutual US Asset Management unit for about $446 million.”
Old Mutual is selling down its holdings in OM Asset Management to HNA Group in two tranches. The first comprises 9.95 percent at $15.30 per share and will be completed within 30 days, with a second 15 percent stake at $15.75 taking place in the second half. The firm has invested in financial services and has bought a $200 million stake in SkyBridge Capital and became one of the largest shareholders in Deutsche Bank AG.
About Old Mutual
Old Mutual began in Cape Town in 1845 as South Africa’s first mutual life insurance company, offering financial security in uncertain times. Today, 171 years on, the Group is made up of four strong businesses operating successfully in their respective markets and enabling positive futures for their stakeholders. We have been listed on the London and Johannesburg stock exchanges, among others, since 1999.
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