Deals & People December 31, 2009

Prudential Completes Sale of Minority Interest in Wachovia

Prudential Financial, Inc., has completed the sale of its minority joint venture interest in Wachovia Securities Financial Holdings, LLC, including Wells Fargo Advisors, to Wells Fargo & Company, the company said.
Reported by

At the closing, Prudential received $4.5 billion in cash. In addition, Prudential said it received $418.4 million 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.

The brokerage Wells Fargo Advisers in May changed its name from Wachovia Securities after Wachovia’s sale to Wells Fargo (see “Wachovia Changes Name to Wells Fargo Advisors”). 

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