NU Online News Service, Feb. 5, 3:29 p.m. – Prudential Financial Inc., Newark, N.J., says it has agreed to buy a 50% stake in Afore XXI S.A. de C.V., a Mexican pension fund manager, from the IXE Grupo Financiero S.A. de C.V., Mexico City.
A Mexican government agency, Instituto Mexicano del Seguro Social, owns the other 50% of the pension fund company.
The value of the deal was not given. Prudential still has to get approval from Mexican regulators before it can complete the acquisition.
Prudential made the deal because it sees the acquisition of Afore XXI as a way to gain a large pension services distribution system in Mexico, Prudential says.
More information about Afore is available on the Web, at http://www.aforexxi.com.mx/