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Prudential Completes Sale Of $4.5bn Stake In Wachovia Securities

IBR Staff Writer Published 31 December 2009

Also receives $418.4m in principal and interest on subordinated promissory note connected to the joint venture

Prudential Financial has completed the sale of its minority joint venture interest in Wachovia Securities Financial Holdings, which includes Wells Fargo Advisors (formerly Wachovia Securities) to Wells Fargo & Company.

The company has received $4.5bn in cash at closing of the transaction. In addition, it also received $418.4m in payment of the principal and accrued interest on a subordinated promissory note that Wachovia Securities had issued in connection with the establishment of the joint venture.

Prudential Financial offers products and services including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. It has operations in the US, Asia, Europe, and Latin America.