Sale of Skandia Germany and Austria completed

RNS Number : 2128T

Old Mutual PLC

01 October 2014

 



Old Mutual plc

Ref 216/14

1 October 2014

Old mutual PLC sale of skandia GERMAnY & SKANDIA AUSTRIA completed

Old Mutual Plc today announces that the sale of Skandia Germany and Skandia Austria, part of Old Mutual Wealth, to Heidelberger Leben Group, owned by Cinven and Hannover Re, has now completed. The consideration for the transaction is €220 million in cash.

The sale was announced on 27 March 2014 and is part of Old Mutual Wealth's commitment to simplify its operations in Europe.

Enquiries

External communications

Patrick Bowes                           UK        [phone]

Investor relations

Dominic Lagan                           UK        [phone]

Media

William Baldwin-Charles                         [phone]

                                                            [phone]

Notes to Editors

Old Mutual provides investment, savings, insurance and banking services to more than 16 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2013, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £294 billion of funds under management from core operations.

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 

 

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