New York: Financial services group Old Mutual Plc said its asset management unit OM Asset Management Plc’s (OMAM) public offering of 13 million shares was priced at $14.25 per share.
Old Mutual said on Tuesday it would sell shares in OMAM through a public offering, as the group prepares to split into its four main businesses.
The public offering is expected to close on Dec. 19, said Old Mutual, which plans to continue to cut its stake in OMAM.
The proposed split was disclosed in March as regulatory changes in Europe and South Africa have made Old Mutual, which started out in 1845 as a life insurance firm in Cape Town, more complex to run in its current form.
OMAM, which said it would repurchase 6 million ordinary shares from OM Group (UK) Ltd, a unit of Old Mutual, also priced the repurchase at $14.25 per share.
