Old Mutual To Sell Nordic Unit for £2.1 billion

Law360, New York (December 15, 2011, 6:19 PM EST) -- International insurance provider Old Mutual PLC announced Thursday it intends to sell its Nordic business, Skandia Insurance Co. Ltd., to Skandia Liv for £2.1 billion ($3.2 billion).

Skandia Insurance Co. comprises Old Mutual’s long-term savings and banking operations in Sweden, Denmark and Norway operating under the Skandia brand.

If the deal goes through, Old Mutual, which is based in London, will retain ownership of and continue to use the Skandia brand in markets outside Sweden, Denmark and Norway, the company said. Skandia Liv would have ownership...
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