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Old Mutual to sell Italian wealth arm to Cinven for 278 million euros

Reuters
Workers clean windows outside the Cape Town headquarters of Anglo-South African financial services company Old Mutual, March 7, 2016. REUTERS/Mike Hutchings

(Reuters) - Old Mutual, which has announced an overhaul of its businesses, said it would sell its Italian wealth arm to Cinven owned ERGO Italia for 278 million euros (237 million pounds) in cash.

The deal, expected to complete in six months, is the final part of the sale of Old Mutual Wealth's continental European businesses, allowing the Anglo-South African financial services group to focus on its core UK and cross border markets, it said.

Reuters reported earlier this month that European private equity fund Cinven was about to start exclusive talks to buy the Milan-based subsidiary.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)