OMAM Announces Sale of Minority Interest by Old Mutual plc to HNA Capital US
March 25 2017 - 4:10PM
Business Wire
OM Asset Management plc (NYSE:OMAM) announced that Old Mutual
plc has agreed to sell a 24.95% shareholding in OMAM to HNA Capital
US in a two-step transaction for gross cash consideration of
approximately $446 million. Following the transaction, Old Mutual’s
shareholding will reduce from 50.8% to 25.9%.
It is expected that one HNA Capital US-nominated director will
join the OMAM board on the completion of the first tranche of 9.95%
of OMAM shares and a second on the completion of the second tranche
of 15% of OMAM shares. In both cases, these directors will replace
existing nominees of Old Mutual.
For additional information, please see Old Mutual plc’s press
release, issued today, March 25, 2017, at
http://www.oldmutualplc.com/media/news/view-news.jsp?news-id=31338.
About OMAM
OMAM is a global, multi-boutique asset management company with
approximately $240 billion of assets under management as of
December 31, 2016. Its diverse Affiliates offer leading, alpha
generating investment products to investors around the world.
OMAM’s partnership approach, which includes equity ownership at the
Affiliate level and a profit sharing relationship between OMAM and
its Affiliates, aligns the interests of the Company and its
Affiliates to work collaboratively in accelerating their growth.
OMAM’s business model combines the investment talent,
entrepreneurialism, focus and creativity of leading asset
management boutiques with the resources and capabilities of a
larger firm. For more information about OMAM, please visit the
Company’s website at www.omam.com.
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OMAMBrett Perryman, 617-369-7300ir@omam.com
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