Old Mutual agrees £2.1bn sale of Skandia - UPDATE

Old Mutual, the FTSE 100 savings and investment group is to sell its Nordic business Skandia AB for £2.1bn in an effort to "reduce complexity" and pay down debt.

Old Mutual, the FTSE 100 savings and investment group is to sell its Nordic business Skandia AB for £2.1bn in an effort to "reduce complexity" and pay down debt.

The deal, which still needs regulatory and shareholder approval, is expected to complete during the first quarter of 2012.

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