Old Mutual Plc has agreed to sell its 24.95% stake in unit OM Asset Management plc to HNA Capital (U.S.) in a two-step transaction for gross cash consideration of about $446 million.

Following the transaction, Old Mutual's stake in OM Asset Management will decrease to 25.9% from 50.8%.

The transaction covers the sale of a 9.95% tranche of OM Asset Management's shares held by Old Mutual at a price of $15.30 per share, and the sale of an additional 15% tranche held by Old Mutual at a price of $15.75 per share.

The first tranche is expected to complete within a month and is subject to antitrust clearance under the Hart-Scott-Rodino Act in the U.S. The second tranche is expected to complete in the second half of 2017 and is subject to certain additional regulatory approvals.

According to a company release, one HNA Capital nominated director will join OM Asset Management's board on completion of the first tranche, while another nominated director will join the board on completion of the second tranche.