British insurer Old Mutual has completed its previously announced multimillion transaction with leading US investment firm Landmark Partners.
The company revealed in June that it had signed an agreement to acquire 60% of Landmark Partners, a global private equity, real estate and real asset firm with US$15.5 billion of committed capital as of June 30.
Old Mutual has paid US$240 million (£183 million) for the acquisition and may make an additional payment based on the growth of the business by 2018.
In an earlier statement, the insurance firm said it looks forward to “collaborating with the Landmark team to further grow and diversify their business and expand their distribution capabilities outside of the US.”
The insurer made its transaction with Landmark amid major corporate changes. Last March, the company announced that it would split into four businesses: a South African bank, an emerging markets unit, a US asset manager and a British wealth manager. The break-up plan would be complete by the end of 2018, according to Reuters
Earlier this month, Old Mutual sold its wealth management arm in Italy to Ergo Italia, a local insurance company owned by London-headquartered private equity firm Cinven. The €278 million (£237.5 million) transaction was expected to be completed within six months.
Old Mutual also announced this month its London head office was in the “final stages of a fundamental restructuring,” which will lead to 60 more job cuts to reduce the total headcount by around 50% by the end of 2016.
Halving the head office staff would provide £10 million in savings to Old Mutual, which expects further headcount reduction, depending on how the company break-up develops.
Old Mutual to cut London head office staff by 50%
Old Mutual disposes Italian business