Source:
https://scmp.com/business/companies/article/2082285/chinas-hna-pays-us446-million-stake-old-mutuals-us-unit
Business/ Companies

China’s HNA pays US$446 million for stake in Old Mutual’s US unit

Hainan-based conglomerate is adding to its US$30 billion spending spree as it seeks to expand beyond tourism and aviation

HNA, which operates Hainan Airlines, is seeking to broaden its portfolio beyond tourism and aviation. Photo: Reuters

Chinese conglomerate HNA Group agreed to buy a 25 per cent stake in Old Mutual’s US asset management unit for about US$446 million, adding to a US$30 billion spending spree since last year.

Old Mutual is selling down its holdings in OM Asset Management to HNA in two tranches, according to a statement from the London-based company on Sunday.