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Tuesday, October 28, 2014

Prudential Financial to purchase stake in Chile's AFP Habitat, (NYSE: PRU)

U.S. insurer Prudential Financial Inc said on Tuesday that it has agreed to purchase up to 40.29 percent of Chilean pension fund manager AFP Habitat from Chile's Inversiones La Construccion.Prudential and ILC signed a memorandum of understanding that will make them equal partners in AFP Habitat if the deal, which is expected to close in the first half of 2015, is successful."Upon completion, this strategic partnership with ILC will help Prudential expand its presence in Latin America and participate in the growing Chilean pension market," said Bill Yates, head of Prudential's Latin American division.Prudential said it will purchase an indirect interest in AFP Habitat from ILC's subsidiaries for 925 Chilean pesos per share, for a total purchase price of between $530 million and $620 million.

Prudential Financial, Inc. (Prudential Financial) is a financial services company. Shares of PRU traded higher by 2.35% or $1.99/share to $86.79. In the past year, the shares have traded as low as $75.89 and as high as $94.30. On average, 2427940 shares of PRU exchange hands on a given day and today's volume is recorded at 2674357.