Chinese conglomerate HNA Group Co agreed to buy a 25 percent stake in UK-based OM Asset Management (OMAM), a subsidiary of Old Mutual, for about 446 million U.S. dollars, according to a statement published on Old Mutual's website on Saturday.
OMAM is a diversified, at-scale multi-boutique asset management franchise with an attractive portfolio of high-quality investment managers, Guang Yang, chief executive of HNA Capital US, financial arm of the Chinese company, was quoted as saying in the statement.
Old Mutual's stake will fall from 50.8 percent to 25.9 percent, the statement showed.
The transaction comprises the sale of a 9.95 percent tranche of OMAM shares held by Old Mutual at 15.30 U.S. dollars per share and the sale of a further 15 percent held by Old Mutual at 15.75 U.S. dollars per share.
OMAM is a global, multi-boutique asset management company that had about 240 billion U.S. dollars of assets under management as of December 31, 2016.
The Hainan-based company has been investing in financial services as it seeks to broaden its portfolio beyond tourism and aviation, according to Bloomberg's report.
In the first quarter, it bought a 200 million U.S. dollar stake in SkyBridge Capital, agreed to acquire assets from Australia & New Zealand Banking Group and became one of the largest shareholders in Deutsche Bank AG, the media report showed.
(Source: Global Times)
A single purchase
