March 16, 2018 / 8:03 AM / in 8 months

Old Mutual sells Latam businesses to China Minsheng for $300 million: source

LONDON (Reuters) - Anglo-South African financial services group Old Mutual OML.L is selling three businesses in Latin America to China Minsheng Investment Group International (CMIG) for around $300 million, a source familiar with the matter said.

Old Mutual is selling Old Mutual Colombia, Old Mutual Mexico and Latin American investment adviser Aiva, it said in a statement on Friday, without disclosing the price.

CMIG International is a Singapore-based holding company.

Old Mutual is coming into the final stages of breaking itself up into four parts and is narrowing the focus of its emerging markets business to Africa.

Old Mutual is also planning to sell its China business.

Goldman Sachs and Rothschild acted as joint financial advisers to Old Mutual on the deal, the company said.

(This story corrects currency to dollars from pounds in headline, first paragraph)

Reporting by Carolyn Cohn; Editing by MarkPotter

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