Investing.com UK - Financial Markets Worldwide
🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Shares

Old Mutual to sell Italian wealth arm to Cinven for 278 million euros

Published 09/08/2016, 07:58
Updated 09/08/2016, 08:00
© Reuters. Workers clean windows outside the Cape Town headquarters of Anglo-South African financial services company Old Mutual

(Reuters) - Old Mutual, which has announced an overhaul of its businesses, said it would sell its Italian wealth arm to Cinven owned ERGO Italia for 278 million euros (237 million pounds) in cash.

The deal, expected to complete in six months, is the final part of the sale of Old Mutual Wealth's continental European businesses, allowing the Anglo-South African financial services group to focus on its core UK and cross border markets, it said.

© Reuters. Workers clean windows outside the Cape Town headquarters of Anglo-South African financial services company Old Mutual

Reuters reported earlier this month that European private equity fund Cinven was about to start exclusive talks to buy the Milan-based subsidiary.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.