China’s HNA buys US$446mil stake in Old Mutual’s US unit

SHANGHAI: Chinese conglomerate HNA Group Co has agreed to buy a 25% stake in Old Mutual Plc’s US asset management unit for about US$446mil, adding to a spending spree that has totaled US$30bil since the start of last year.

London-based Old Mutual said in an emailed statement yesterday it will sell down its holdings in OM Asset Management to HNA Group in two tranches. The first - comprising 9.95% at US$15.30 per share - will be completed within 30 days.