Wells Fargo & Co. disclosed Wednesday that it will pay $4.5 billion in cash to Prudential Financial Inc. by yearend to purchase Prudential's minority stake in a joint venture that includes retail brokerage Wells Fargo Advisors.

Wells Fargo announced Monday it would purchase the stake, but did not say how much it expected to pay. Prudential in a filing earlier this year estimated its stake in the venture, which is owned by the two companies, was worth $5 billion.

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