Old Mutual sells Italian business

Old Mutual on Wednesday said it had agreed to sell Old Mutual Wealth Italy (OMWI) to Ergo Italia, which is owned by Cinven, for €278 million in cash.

The sale, which is expected to complete within six months, 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.

As at December 31, OMWI had €7 billion of funds under management. The unit contributed €22 million of post-tax earnings for the year to the end of December.

– African News Agency (ANA)