Old Mutual to sell Italian wealth arm to Cinven for 278 mln euros

August 9, 2016 6:52 AM

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Aug 9 Old Mutual, which has announced an overhaul of its businesses, said it would sell its Italian wealth arm to Cinven owned ERGO Italia for 278 million euros ($307 million) in cash.

The deal, expected to complete in six months, is the final part of the sale of Old Mutual Wealth's continental European businesses, allowing the Anglo-South African financial services group to focus on its core UK and cross border markets, it said.

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