Old Mutual plc today announces that a preliminary non-binding offer has been accepted by Ecobank Transnational Incorporated (ETI) for the acquisition of Oceanic Life, which was acquired by ETI in October 2011 as part of the Oceanic Bank Group.
Old Mutual and ETI are currently negotiating and finalizing the relevant legal agreements; these agreements will incorporate the required conditions precedent for the transaction, including the relevant regulatory approvals from both a South African and Nigerian perspective.
Oceanic Life is a Nigerian life assurance company with a market share of 1.8% and a Net Asset Value of US$16 million.
The acquisition would form part of Old Mutual's stated strategy of expanding its presence in sub-Saharan Africa.
External Communications / Investor Relations
Patrick Bowes +44 (0)20 7002 7440 Media
William Baldwin-Charles +44 (0)20 7002 7133
Kelly de Kock +27 (0)21 509 8709
Old Mutual is an international long-term savings, protection and investment Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance to more than 15 million customers in Europe, the Americas, Africa and Asia. Old Mutual is listed on the London Stock Exchange and the Johannesburg Stock Exchange, among others.
In the year ended 31 December 2010, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £309 billion of funds under management from core operations, and shareholders' equity of £9.0 billion.
For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com