BRIEF-Old Mutual sells minority stake in U.S. fund arm to China's HNA


March 27 Old Mutual Plc:

* Old Mutual to sell stake in OMAM to HNA Capital US

* Old Mutual Plc agrees to sell a minority stake in OMAM to
HNA Capital US

* Two-Step transaction for gross cash consideration of
approximately $446 million

* Transaction comprises a sale of a 9.95 pct tranche of OMAM
shares held by Old Mutual at a price of $15.30 per share

* Following transaction, Old Mutual’s shareholding will
reduce from 50.8 pct to 25.9 pct

* Sale of a further 15 pct held by Old Mutual at a price of
$15.75 per share

* Completion of first tranche is subject to antitrust
clearance under Hart-Scott-Rodino act in US

* Expected to take place in approximately 30 days

* Completion is expected to take place in second half of
2017

* Old mutual will use proceeds from transaction for general
corporate purposes

* Bank of America Merrill Lynch and Evercore acted as joint
financial advisors

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Source: Reuters

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