Old Mutual to Sell Single-Strategy Unit to TA Associates for GBP600 Million

By Adria CalatayudFeaturesDow Jones Newswires

Old Mutual PLC (OML.LN) said Tuesday that it has agreed to sell its single-strategy asset-management unit to private-equity company TA Associates for a total consideration of 600 million pounds ($801.8 million).

The international investment, savings, insurance and banking group said it will receive GBP570 million in cash on or before completion of the deal and a further GBP30 million from 2019 to 2021. Ownership of the business will be transferred to TA Associates from Jan. 1.

Continue Reading Below

Old Mutual's single-strategy unit had funds under management of GBP25.7 billion as of Sept. 30, the company said.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

December 19, 2017 02:46 ET (07:46 GMT)