Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Old Mutual Buys UAM

LONDON -- South Africa's largest life and pensions group Old Mutual PLC said Monday it was buying U.S. United Asset Management Corp. for an agreed $1.46 billion in cash, in a tender offer at $25 per share.

"We expect there to be significant opportunities for cross selling and distribution of investment products into Old Mutual's client base," Mike Levett, chairman and chief executive of London-based Old Mutual, said in a statement. "We anticipate that the transaction will be immediately accretive to Old Mutual's cash EPS."