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Pru Closes On CIGNA Retirement Business

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NU Online News Service, April 1, 2004, 4:25 p.m. EST — Prudential Financial Inc., Newark, N.J. has completed previously announced plans to acquire a large retirement services business from CIGNA Corp., Philadelphia, for $2.1 billion in cash.[@@]

Prudential will be folding the CIGNA retirement business into its own Prudential Retirement unit.

The deal has doubled the size of Prudential’s defined contribution retirement plan operation. The operation now manages about $59 billion in assets, Prudential says.

Prudential Retirement has a total of about 2,800 employees.