NEWARK, N.J.--(BUSINESS WIRE)--Prudential Financial, Inc. (NYSE:PRU) today announced it has entered into an agreement to sell its stake in Afore XXI, S.A. de C.V., a private pension fund manager in Mexico, to Banorte, a major bank based in Mexico. Proceeds from the sale of Afore XXI are estimated to be $200 million. The book value of the company’s stake in Afore XXI was $75 million, as of December 31, 2010. The transaction is expected to close by the end of the year, following regulatory approval.
While the company has agreed to sell this portion of its business, it still has an active presence in the Mexican market through Prudential Seguros, the company’s life insurance business, Prudential Real Estate Investors, and Prudential Relocation. These businesses are unaffected by the sale of Afore XXI and will continue to operate business as usual in Mexico.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $883 billion of assets under management as of June 30, 2011, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.