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Old Mutual completes sale

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Johannesburg - Old Mutual Plc [JSE:OML] announced on Wednesday that the sale of Skandia Germany and Skandia Austria, part of Old Mutual Wealth, to Heidelberger Leben Group, owned by Cinven and Hannover Re, has now been completed.

The consideration for the transaction is €220m in cash.

The sale was announced on March 27 2014 and is part of Old Mutual Wealth's commitment to simplify its operations in Europe.

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