Prudential Financial Inc. has announced an agreement to buy Cigna Corp.'s retirement and investment services businesses for $2.1 billion in cash.
Based on account values, the proposed purchase would increase Prudential's retirement assets from about $67 billion to almost $120 billion, Prudential said Monday.
"A strong presence in the retirement market is essential for success in asset gathering and asset management," Prudential chairman and CEO Arthur Ryan said in a press release. The deal is to close in the first half of 2004.
Cigna said in the press release that it would focus on health insurance. The Philadelphia insurer's sale agreement excludes its corporate life insurance unit and TimesSquare Capital Management, its investment advisory unit.
