British insurer Old Mutual Group P.L.C. announced it has agreed to sell its U.S. life insurance operations to Harbinger Capital Partners L.L.C. for $350 million
Old Mutual, London, says it will apply proceeds from the deal to reduce its debt.
Harbinger Capital, New York, an investment fund, will pay for the deal in two steps. The final payment would be due six months after completion of the agreement, which the was expected on or about Dec. 31, the announcement said.