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AMP (ASX: AMP) has today confirmed it is in talks to sell the entire business to US-based investment manager Ares Management Corporation.
The announcement comes just weeks after the company announced it was reviewing its portfolio of assets and businesses, potentially resulting in AMP selling off some subsidiaries.
AMP says the discussions with Ares Management are at a "very preliminary stage" and there is no certainty that a transaction will eventuate.
If it does go through, Ares Management would purchase 100 per cent of AMP by way of scheme of arrangement.
The Australian financial group also mentioned it has seen "significant" interest from a number of potential buyers looking to acquire parts of the company after AMP's portfolio review was announced on 2 September.
"AMP continues to progress its portfolio review announced on 2 September 2020," said AMP.
"AMP has received significant interest in its assets and businesses and is assessing a range of options in a considered and holistic manner, including continuing to pursue its three-year transformation strategy, with a focus on maximising shareholder value."
Read more:
- Shareholder pressure ousts Pahari from AMP Capital top job, chairman departs
- AMP reset not enough to stem losses
- New superannuation legislation drains AMP's cashflow
- AMP to raise $650 million ahead of transformation strategy
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