Prudential Plc Sells U.S. Independent Broker-Dealer Network

By Joanne Chiu Features Dow Jones Newswires

Prudential Plc. (PUK) said Wednesday that it has received all necessary regulatory approvals for the sale of its U.S. independent broker-dealer network to LPL Financial LLC.

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The initial consideration of the deal is US$325 million and could rise up to US$448 million subject to certain transition criteria, the U.K.-based financial services group said. The sale is expected to be completed by the end of the first quarter of 2018.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

August 15, 2017 20:55 ET (00:55 GMT)