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 Ellie Behling
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”).
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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