Tags: Prudential | Closes | $4.5 Billion | Sale | Wells Fargo | Stake

Prudential Closes $4.5 Billion Sale of Wells Stake

Thursday, 31 Dec 2009 03:18 PM

Prudential Financial Inc. said on Thursday it completed the planned sale of its minority stake in a retail brokerage to Wells Fargo & Co. for $4.5 billion in cash.

The second-largest U.S. life insurer also received $418.4 million in principal and interest on a note connected to the joint venture, according to a regulatory filing.

San Francisco-based bank Wells Fargo inherited a majority stake in the joint venture, originally agreed between Wachovia and Prudential, when it acquired Wachovia last year.

Prudential said earlier this month in a filing that it expected a gain on the sale of about $2.3 billion before tax, or $1.5 billion after tax.

© 2017 Thomson/Reuters. All rights reserved.

 
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Prudential Financial Inc. said on Thursday it completed the planned sale of its minority stake in a retail brokerage to Wells Fargo Co. for $4.5 billion in cash. The second-largest U.S. life insurer also received $418.4 million in principal and interest on a note...
Prudential,Closes,$4.5 Billion,Sale,Wells Fargo,Stake
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2009-18-31
Thursday, 31 Dec 2009 03:18 PM
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