Harbinger Group has completed its acquisition of Old Mutual US Life Holdings for $350m pursuant to an agreement with OM Group (UK).

Harbinger said that the $350m purchase price represents approximately 39% of US Life’s subsidiaries’ statutory capital as of 31 December 2010, which was approximately $902m.

The purchase price also represents approximately 22% of US Life’s subsidiaries’ IFRS net book value as of 31 December 2010, which was approximately $1.6bn.

US Life had approximately $17bn of investment assets under management, as of 31 December 2010.

This acquisition represents Harbinger Group’s second major transaction in line with its strategy to acquire operating businesses across a diversified range of industries.

In January 2011, HGI acquired a majority stake in Spectrum Brand Holdings.

US Life will be a wholly-owned operating company of Harbinger and its results will be consolidated in its financial statements beginning in the third fiscal quarter.

Harbinger was represented by Debevoise and Plimpton as legal counsel and Bank of America Merrill Lynch as financial advisor.

It is anticipated that US Life’s principal operating subsidiaries, OM Financial Life Insurance and OM Financial Life Insurance Company of New York, will begin using their former names used prior to 2007: Fidelity & Guaranty Life Insurance and Fidelity & Guaranty Life Insurance Company of New York.

Harbinger Group is a holding company that seeks to acquire significant interests in businesses across a diverse range of industries.