Cinven swoops on Old Mutual's Italian unit in $335 mln takeover - source

LONDON Aug 1 European private equity fund Cinven is about to start exclusive talks to buy the Italian wealth arm of financial services firm Old Mutual for about 300 million euros ($335.22 million), a source with knowledge of the deal told Reuters. The Anglo-South African group plans to wrap up the sale of its Milan-based subsidiary by the end of August, the source said. Cinven has emerged as the final buyer for the company which was put up for sale earlier this year. It trumped rival bids from U.S. investment firms JC Flowers and Apollo as well as Lombard International Assurance, a Luxembourg-based insurer held by U.S. buyout fund Blackstone . Cinven, Blackstone and JC Flowers declined to comment. Old Mutual and Apollo were not immediately available for comment. (Reporting By Pamela Barbaglia; editing by Anjuli Davies)