Old Mutual, the third-largest insurer in the United Kingdom, announced on Thursday that is selling its Nordic unit to Sweden’s Skandia Liv for $3.2 billion.
The New York Times reports that Old Mutual’s sale of Stockholm-based Skandia Insurance includes the company’s savings and banking operations in Sweden, Denmark, and Norway. Old Mutual plans to use the proceeds from the sale to pay debt, according to the Financial Times.
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