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Prudential To Sell Stake In Afore XXI

Prudential Financial is selling its equity holding in a private pension fund manager in Mexico to Mexican bank Grupo Financiero Banorte.

Prudential Financial is selling its equity holding in a private pension fund manager in Mexico to Mexican bank Grupo Financiero Banorte. The life insurance company is anticipating proceeds of approximately $200 million from the deal.

The company's 50 percent stake in the fund, Afore XXI, was worth $75 million, as per book value, as on December 31, adds The Wall Street Journal. The transaction, which is awaiting regulatory clearance, is anticipated to complete by the end of 2011. Prudential Financial is a financial services company with about $883 billion of assets under management as of June 30.

Click here for the release from Business Wire.

Click here for additional coverage from The Wall Street Journal.

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