(MENAFN) Chinese conglomerate HNA Group Co. stated that it wants to purchase a 25% stake in Old Mutual Plc's US asset management unit worth USD446m.
Old Mutual is estimated to cut down its holdings in OM Asset Management to HNA Group in 2 tranches, the London-based company said.
The Hainan-based conglomerate has been spending in financial services aiming to boost its portfolio outside tourism as well as aviation sectors.
Moreover, Old Mutual is further undertaking a transformation, preparing to increase its wealth, US asset management business, emerging-markets unit and Johannesburg-based lender Nedbank.
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