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Old Mutual PLC Agrees For Sale Of Skandia Poland To Vienna Insurance Group AG Wiener Versicherung Gruppe

Tuesday, 12 Nov 2013 02:00am EST 

Old Mutual PLC announced that terms have been agreed to sell Skandia Poland, part of Old Mutual Wealth, to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG). As at September 30, 2013, Skandia Poland had funds under management of EUR414 million. The consideration for the transaction is not being disclosed. The transaction is part of Old Mutual Wealth’s commitment to simplify operations in Europe and focus on a select number of core growth markets. The transaction is expected to take approximately six months to complete. Old Mutual plc was advised by Goldman Sachs International. 

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