Anglo-South African financial group Old Mutual Plc
The Latin American units are Old Mutual Colombia, a pensions, life insurance, mutual funds, and stock brokerage business; Old Mutual Mexico, a life insurance and mutual funds business; and Aiva, an investment adviser and a distribution platform for independent financial advisers in Latin America.
The group said the sale comes after a strategic review of its operations in which it concluded that Old Mutual Emerging Markets Ltd.
Proceeds from the transaction will be used for general corporate purposes by Old Mutual Emerging Markets, the group noted.
Goldman Sachs and Rothschild served as joint financial advisers to Old Mutual in connection with the sale.
The group said March 15 that its £130 million breakup plan is on track to complete by the end of 2018, as it reported a 59% year-over-year increase in full-year 2017 profit to £909 million.
