Old Mutual to sell Finnish Skandia arm
Old Mutual, the FTSE 100 savings and investment group, said it had agreed terms to sell the Finnish branch of Skandia Life Assurance Company to insurer OP-Pohjola osk.
Old Mutual, the FTSE 100 savings and investment group, said it had agreed terms to sell the Finnish branch of Skandia Life Assurance Company to insurer OP-Pohjola osk.
The transaction is part of Old Mutual's plan to streamline its business, with net proceeds after tax going to reduce the group's debt.
However, it did not give details of how much the deal would be worth.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The sale is subject to regulatory approvals and other customary conditions and is anticipated to close by the end of Q2 2012, Old Mutual said.
The firm's shares leapt last week when it announced it would sell its Nordic business Skandia AB for £2.1bn.
That deal, which still needs regulatory and shareholder approval, is expected to complete during the first quarter of 2012.
The news of the Skandia AB sale sent Old Mutual's shares up almost 12% by mid-afternoon trading.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Higher rates are disappearing – should you fix your savings?
Fixed savings rates have dropped to their lowest levels in over a year. Should you fix your savings now ahead of a potential base rate cut in November?
By Katie Williams Published
-
Nine million people fall victim to financial scams, says Citizens Advice
The charity says that around one in five people across the UK have been caught out by a finance scam in the past year - here is how to protect your money
By Chris Newlands Published