Old Mutual confirms sale of asset management unit to China’s HNA
The Chinese financial services firm will by a 25% stake
Old Mutual has confirmed a deal to sell a 25% stake in the company’s asset management business for the sum of US$445 million.
The Financial Times reports that the UK firm will reduce its stake in Old Mutual Asset Management from 51% to 26%.
The deal marks the latest in a string of overseas acquisitions by HNA, including a 25% stake in the Hilton hotel chain, a 4.76% stake in Deutsche Bank, and the largest stake in the US$12 billion SkyBridge Capital fund.