Old Mutual sells Old Mutual Wealth Italy for €278m

To ERGO Italia

Old Mutual has agreed to sell Old Mutual Wealth Italy to ERGO Italia, owned by European private equity firm Cinven, for an initial consideration price of €278m in cash plus interest to completion.

The transaction forms the final part of the divestment of Old Mutual Wealth's continental European business, which it says will allow it to focus on its core UK and cross border markets. The sale is subject to regulatory approvals and is expected to complete within six months. Old Mutual Wealth Italy was established in 1997, employs 110 people and manages €7bn for more than 53,000 affluent and high net worth customers. Old Mutual Wealth outlines demerger plans Paul Feeney (pictured), chief executive at Old Mutual Wealth, said: "Old Mutual Wealth Italy is a strong, successful and...