LONDON (Alliance News) – Old Mutual PLC said late Friday that it has sold 17.3 million shares in OM Asset Management PLC at USD14.55 per share, netting a total of USD321.9 million.
Old Mutual first announced its intention to sell the stake in OM Asset Management on Tuesday. The shares were sold through its wholly-owned subsidiary OM Group UK Ltd. OM Asset Management will not sell any shares in the offering, and will not receive any proceeds from the sale of the shares.
The proceeds of USD321.9 million are after costs.
Additionally, and as previously announced, OM Asset Management said it has completed the repurchase of 5 million shares directly from OM Group UK Ltd at the same price. The sales leave Old Mutual with a 22% stake in OM Asset Management.
Old Mutual closed 0.5% lower on Friday at 191.04 pence.
By Joshua Warner; email@example.com; @JoshAlliance
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