Old Mutual PLC (OML.LN) said Tuesday that it has agreed to sell its single-strategy asset-management unit to private-equity company TA Associates for a total consideration of 600 million pounds ($801.8 million).
The international investment, savings, insurance and banking group said it will receive GBP570 million in cash on or before completion of the deal and a further GBP30 million from 2019 to 2021. Ownership of the business will be transferred to TA Associates from Jan. 1.
Old Mutual's single-strategy unit had funds under management of GBP25.7 billion as of Sept. 30, the company said.