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Old Mutual sells $446 million stake to Chinese HNA Group

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Staff Writer | March 26, 2017
Old Mutual
Acquisition   In two tranches

Chinese conglomerate HNA Group will buy a 25 percent stake in Old Mutual’s U.S. asset management unit for about $446 million.

Old Mutual said it will sell down its holdings in OM Asset Management to HNA Group in two tranches.

The first - comprising 9.95 percent at $15.30 per share - will be completed within 30 days.

The second - a 15 percent stake at $15.75 per share - will take place in the second half of this year. After the transactions, Old Mutual’s holding of OM Asset Management will drop to about 26 percent from the current 50.8 percent.

The deal was first reported by the Financial Times on Saturday.

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