Sale of Old Mutual Wealth Italy

RNS Number : 5924G

Old Mutual PLC

09 August 2016

 

Old Mutual plc

Ref 474/16

9 August 2016

Old mutual announces sale of Old Mutual Wealth italy

Old Mutual plc ("Old Mutual") today announces that it has agreed to sell Old Mutual Wealth Italy ("OMWI") to ERGO Italia, owned by Cinven. 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 31 December 2015, OMWI had €7 billion of funds under management and contributed €22 million of post-tax earnings for the year ending 31 December 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.

Enquiries

External communications

Patrick Bowes                           UK        [phone]

Investor relations

Dominic Lagan                           UK        [phone]

Sizwe Ndlovu                             SA        [phone]

Media

William Baldwin-Charles                         [phone]

                                                            [phone]

Notes to Editors

Old Mutual provides investment, savings, insurance and banking services to 18.9 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2015, the Group reported adjusted operating profit before tax of £1.7 billion and had £304 billion of funds under management from core operations (excluding Rogge).

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 

 

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