NEW YORK (Reuters) – 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.
Shares of Prudential were down 14 cents or 0.3 percent at $50.40 in morning trading on the New York Stock Exchange.
(Reporting by Elinor Comlay, editing by Matthew Lewis)
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