British insurer Old Mutual has agreed to sell its Skandia units in Germany and Skandia for 220 million to a Cinven and Hannover Re acquisition vehicle.
The transaction, which is subject to regulatory approvals and other customary conditions, forms a part of Old Mutual Wealth’s strategy to simplify its operations in Europe and focus on a select number of core growth markets.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The sale is expected to be completed by the end of the third quarter of 2014.
The proceeds will be retained by the company for general corporate purposes.
As of 31 December 2013, Skandia Germany and Skandia Austria had combined funds under management of 4.9 billion and post-tax adjusted operating profit for the year ended 31 December 2013 of 27 million.
Cinven and Hannover Re acquisition vehicle will be renamed to Heidelberger Leben Group.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
