LONDON Dec 15 (Reuters) – Insurer Old Mutual
is planning to sell its Nordic business to Skandia Liv
for 22.5 billion Swedish crowns ($3.2 billion), to cut debt and
return surplus capital from the deal to shareholders.
The businesses being sold comprise Old Mutual’s long-term
savings and banking operations in Denmark, Norway and Sweden
operating under the Skandia brand.
“The sale of Nordic to Skandia Liv represents a truly unique
opportunity to create value for both Skandia Liv’s policyholders
and Old Mutual’s shareholders through unlocking significant
synergies from the combination of Skandia Liv and Nordic,” chief
executive Julian Roberts said on Thursday.
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