Prudential PLC to Separate Jackson Through Demerger; Mulls Equity Raise
28 Janeiro 2021 - 6:24AM
Dow Jones News
By Adria Calatayud
Prudential PLC said Thursday that it plans to separate its U.S.
business Jackson Financial through a demerger, and that it is
considering an equity raise of up to $3 billion as it doubles down
on its Asian markets.
The FTSE 100 insurer said the proposed demerger of Jackson from
the group, set to take place in the second quarter, would
accelerate the separation process and complete its transformation
to focus exclusively on its high-growth Asia and Africa
businesses.
Under the demerger, shares in Jackson would be distributed to
Prudential shareholders, the company said. Prudential said it would
retain a 19.9% noncontrolling interest in Jackson, which it would
seek to monetize over time to support investment in Asia.
A demerger would lead to an earlier separation than would have
been possible through a minority IPO, Prudential said. The plan is
subject to shareholder and regulatory approval, the company
said.
Prudential also said it has appointed former MetLife Inc. chief
Steven Kandarian as nonexecutive chair of Jackson's board.
The company said it is considering raising new equity of between
$2.5 billion and $3 billion in Hong Kong or London, or both, to
increase its financial flexibility in light of the breadth of the
opportunities to invest in growth.
London-listed shares in Prudential at 0845 GMT were down 9.8% at
1,209.50 pence.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
January 28, 2021 04:09 ET (09:09 GMT)
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