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Old Mutual Buys Stake in Aiva Business Platforms for Undisclosed Sum

Date : 11/19/2012 @ 1:07PM
Source : Dow Jones News
Stock : Old Mutual (OML)
Quote : 201.2  3.9 (1.98%) @ 9:05PM
Old Mutual share price Chart

Old Mutual Buys Stake in Aiva Business Platforms for Undisclosed Sum

Old Mutual (LSE:OML)
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LONDON--Old Mutual PLC (OML.LN), an international long-term savings, protection and investment Group, said Monday its Emerging Markets business will strengthen its distribution capability through the acquisition of a majority stake in AIVA Business Platforms for an undisclosed sum.

MAIN FACTS:

-Transaction by Old Mutual Life Assurance Company South Africa is conditional on relevant regulatory approvals and is expected to complete in early 2013.

-AIVA is a family-owned, business platform and distribution business based in Uruguay and spanning the Latin American region; it has assets under management of over 800 million dollars.

-Old Mutual shares closed Friday at 166 pence valuing the company at 8.13 billion pounds.

-Write to Ian Walker at ian.walker@dowjones.com

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