Old Mutual plc (LON:OML) has agreed to sell a minority stake in its US asset management business to Chinese financial services conglomerate, HNA Capital, for US$446mln.
The group has sold a 24.95% shareholding in OM Asset Management to the US arm of HNA, reducing its stake to 25.90%.
The transaction involves two stages. Old Mutual will sell a 9.95% tranche of its shares in the company at $15.30 per share and a further 15% at a price of $15.75 per share.