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Old Mutual sells Old Mutual Wealth Italy for €278 million

Staff Writer | August 13, 2016
Old Mutual has agreed to sell Old Mutual Wealth Italy (OMWI) to ERGO Italia, owned by Cinven.
Old Mutual
Selling   The final part of the divestment
The consideration for the transaction is €278 million in cash, plus interest to completion. The transaction is subject to usual regulatory approvals and customary conditions and is expected to complete within six months.

As at December 31, 2015, OMWI had €7 billion of funds under management and contributed €22 million of post-tax earnings for the year ending December 31, 2015.

The sale is the final part of the divestment of Old Mutual Wealth's continental European businesses allowing it to focus on its core UK and cross border markets. Proceeds will be retained by Old Mutual for general corporate purposes.