Old Mutual sells Latin American units, apparently for about $300m
Old Mutual has sold its Latin American businesses to a Singapore-based financial holding company, the insurer announced on Friday morning.Old Mutual did not disclose how much China Minsheng Investment Group International (CMIG) had agreed to pay, but Reuters reported the figure was about $300m, citing "a source familiar with the matter".The businesses sold include Old Mutual Colombia, Old Mutual Mexico and Aiva, which was described as an "investment adviser and a distribution platform for independent financial advisers".Old Mutual said Goldman Sachs and Rothschild acted as joint financial advisers for the deal."The decision to sell Old Mutual´s Latin American operations followed a strategic review in which it was concluded that Old Mutual Emerging Markets should prioritise its Sub-Saharan African businesses. Proceeds from the sale will be retained for general corporate purposes by Old Mutual Emerging Markets," Old Mutual said in Friday’s statement.In its 2017 financial results relea...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.