Mar
26

China’s HNA Buys $446 Million Stake in Old Mutual U.S. Unit

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  • Stake is latest in HNA’s $30b haul of deals since last year
  • Old Mutual’s share of U.S. unit will drop to 26% from 51%

Chinese conglomerate HNA Group Co. agreed to buy a 25 percent stake in Old Mutual Plc’s U.S. asset management unit for about $446 million, adding to a $30 billion spending spree since last year.

Old Mutual is selling down its holdings in OM Asset Management to HNA Group in two tranches, according to an emailed statement on Sunday from the London-based company. The first — comprising 9.95 percent at $15.30 per share — will be completed within 30 days, with a second 15 percent stake at $15.75 taking place in the second half, the company said…

China’s HNA Buys $446 Million Stake in Old Mutual U.S. Unit

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