Old Mutual PLC (OML.LN) said Monday that it has sold a second tranche of OM Asset Management PLC (OMAM) shares to HNA Capital US for approximately $251.4 million.
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The investment banking group said it sold 14.5% of its OM Asset Management shares for $15.75 each. This follows a previous sale in which it disposed of 10% of its held shares at $15.30 each.
The second sale puts Old Mutual's remaining stake in OM Asset Management at 5.5%. As a result, Old Mutual Group Finance Director Ingrid Johnson will step down from the board of OM Asset Management with immediate effect.
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(END) Dow Jones Newswires
November 13, 2017 02:35 ET (07:35 GMT)