Deals
Old Mutual U.S. Unit Buys $240 Million Landmark Partners Stake
- OM Asset Management buying a 60% stake in private-equity firm
- Deal will end some of OMAM’s liabilities to Old Mutual
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Old Mutual Plc, the U.K. insurer splitting its business into four separate units, said its U.S.-based asset-management company is buying 60 percent of Landmark Partners Inc., a move that will end some of the unit’s liabilities to its London parent.
OM Asset Management Plc will pay about $240 million in cash for investment firm and may make an additional payment based on the growth of the business by 2018, the London-based insurer said in a statement on Tuesday. OMAM will pay for the unit from an existing credit facility or may seek other sources of debt financing, the company said. The transaction is expected to close in the third quarter.