Old Mutual Plc unit OM Group (UK) Ltd. closed an underwritten public offering of 14.95 million OM Asset Management plc ordinary shares at a price of $14.25 per share, with the parent company realizing gross proceeds less the underwriting discount from the offering of $291 million, OM Asset Management said Dec. 20.
After completion of the offering, which was announced Dec. 14, Old Mutual now owns 51.1% in OM Asset Management, which did not sell any shares in the offering and did not receive any proceeds from it.
The total share offering included 1.95 million ordinary shares purchased by the underwriters.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, Citigroup, Credit Suisse Securities (USA) LLC and Evercore ISI acted as joint book-running managers for the public offering.
OM Asset Management also closed the direct repurchase of 6 million ordinary shares at $14.25 per share from OM Group (UK) Ltd.
Old Mutual intends to use the earnings from the sale and the buyback for general corporate purposes.