Deals
Old Mutual Plans IPO of U.S. Unit After Profit Increases
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Old Mutual Plc, Africa’s biggest insurer, said it plans to proceed with an initial public offering for its U.S. asset-management business this year.
“This offering will broaden U.S. asset management’s access to capital to pursue future growth initiatives across its business,” the London-based insurer said in a statement today. Old Mutual declined to comment on the timing of the IPO, saying it was subject to market conditions. The company’s shares rose the most in more than two years in London trading.