LONDON--Old Mutual PLC (OML.LN), an international long-term savings, protection and investment Group, said Monday its Emerging Markets business will strengthen its distribution capability through the acquisition of a majority stake in AIVA Business Platforms for an undisclosed sum.
-Transaction by Old Mutual Life Assurance Company South Africa is conditional on relevant regulatory approvals and is expected to complete in early 2013.
-AIVA is a family-owned, business platform and distribution business based in Uruguay and spanning the Latin American region; it has assets under management of over 800 million dollars.
-Old Mutual shares closed Friday at 166 pence valuing the company at 8.13 billion pounds.
-Write to Ian Walker at firstname.lastname@example.org
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