At Deadline- Prudential Assets Spiked By Cigna Retirement Buy
December 1, 2003
Cigna Corp.'s sale of its pension and 401(k) business to Prudential Financial for $2.1 billion in cash vaults Prudential into the top tier of the country's leading retirement services and products providers. The transaction, expected to close early next year, will plump Prudential Retirement's assets to nearly $120 billion and expand its participant base to 2 million.
More important than building assets, however, "this transaction builds on our presence in the retirement market by adding significant scale and capabilities," said Prudential Financial Chairman and CEO Arthur Ryan.
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