Chinese conglomerate HNA Group has completed second and final tranche of its two-step acquisition of 25% stake of Old Mutual in its US asset management arm.
HNA Capital US, part of HNA Group, agreed to acquire 25% stake in Old Mutual’s stake in OM Asset Management (OMAM) for around $446m in March this year.
The second tranche of the two-step sale saw the disposal of nearly 15.96 million shares for $15.75 per share to HNA Capital US.
HNA Capital now holds 24.95% of OMAM’s stock, while Old Mutual’s stake has been reduced to 5.51%.
As per the agreement, Ingrid Johnson has stepped down from the OMAM board of directors and HNA Capital US CEO Guang Yang joined board of directors on 24 May 2017.
“OMAM is a diversified, at-scale multi-boutique asset management franchise with an attractive portfolio of high quality investment managers. We are pleased with our investment in OMAM and look forward to supporting OMAM’s continued growth,” Yang said.