March 27, 2014 / 8:46 AM / in 3 years

BRIEF-Old mutual to sell Skandia Germany, Skandia Austria units

1 Min Read

March 27 (Reuters) - Old Mutual Plc

* Announces sale of Skandia Germany and Skandia Austria

* Expected to complete by end of Q3 of 2014

* Consideration for transaction is eur 220 million in cash, plus interest to completion

* Proceeds will be retained by group for general corporate purposes

* As at Dec 31, market consistent embedded value (MCEV) of Skandia Germany and Skandia Austria businesses was approximately £262 million

* Sale to a Cinven and Hannover Re acquisition vehicle

* Cinven and Hannover Re have an unconditional agreement to acquire Heidelberger Leben, on completion Cinven and Hannover Re acquisition vehicle will be renamed Heidelberger Leben Group London Equities Newsroom; +44 20 7542 7717 Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below