Prudential Sells Stake in US Unit To Athene For $500M

Law360, London (June 19, 2020, 12:43 PM BST) -- British insurance and financial services giant Prudential PLC has sold a stake in its U.S. subsidiary to Athene, a retirement services company, for $500 million as part of a bigger reinsurance deal.

Prudential, which is listed on the London Stock Exchange, said on Thursday that its board has reached an agreement with Athene for its subsidiary, Athene Holding Ltd., to buy an 11.1% stake in Jackson National Life Insurance Co. Athene's subsidiary will also hold a 9.9% voting interest in Prudential's U.S. business.

Prudential said the $500 million it earns from the deal will be used to strengthen the capital holding of...

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