Old mutual plc announces sale of Latin American businesses

Old Mutual plc, the London-headquartered holding company for several financial services companies, has agreed to sell its Latin American businesses to CMIG International, a financial holding company based in Singapore.

The transaction is subject to usual regulatory approvals and customary closing conditions.

The Latin American businesses are: Old Mutual Colombia, a pensions, life insurance, mutual funds, and stock brokerage business; Old Mutual Mexico, a life insurance and mutual funds business; and Aiva, an investment advisor and a distribution platform for independent financial advisers in Latin America.

The decision to sell Old Mutual´s Latin American operations followed a review which concluded that Old Mutual Emerging Markets should prioritise its sub-Saharan African businesses.

Proceeds from the sale will be retained for general corporate purposes by Old Mutual Emerging Markets.

Goldman Sachs and Rothschild acted as joint financial advisers to Old Mutual in connection with the transaction.