China’s HNA to buy stake in Old Mutual US asset management unit
HNA Group, the Chinese travel-to-financial services conglomerate, has agreed to acquire a 25 per cent stake in Old Mutual’s US asset management business for about $445m, according to people briefed about the deal.
As part of the transaction, Old Mutual, the British insurer, will reduce its stake in OMAM to 26 per cent, down from 51 per cent, those informed about the details of the transaction said.
The latest deal by the company that started as a private airline on the tropical island of Hainan further cements HNA’s status as one of the most acquisitive and ambitious companies in China.