Clayton Dubilier & Rice is among the potential buyers for the mutual fund business of Hartford Financial Services Group, Reuters reported Tuesday. The business, which has $104 billion in assets, could fetch as much as $1.5 billion, though a sale is weeks away, according to a report by Bloomberg.
(Reuters) – Private equity firm Clayton Dubilier & Rice is one of the firms interested in buying Hartford Financial Services Group Inc’s (HIG.N) mutual fund business, a source familiar with the situation said on Monday.
The business, which has $104 billion in assets under management, may fetch $1.5 billion, but a sale is weeks away, according to Bloomberg, which first reported the news.
Hartford and CD&R declined to comment.
The Hartford, Connecticut-based insurer, one of the oldest U.S. companies, has been selling businesses it sees as no longer core to operations.
Last month, it said it would sell a small Florida bank that it bought in 2008 to become eligible for U.S. government bailout funds at the height of the financial crisis.
In October, Hartford agreed to sell its Canadian mutual fund business to CI Financial (CIX.TO).
CD&R, founded in 1978, has investments spanning several industries, with enterprise values ranging from $1 billion to $15 billion. (Reporting by Megan Davies and Paritosh Bansal; Editing by Steve Orlofsky)