Prudential Financial Inc. has completed the sale of a global commodities unit to Jeffries Group Inc.
Prudential, Newark, N.J. (NYSE:PRU), announced the $419.5 million deal with Jeffries, New York (NYSE:JEF), in April.
The deal included Prudential’s FCM, Prudential Bache Commodities L.L.C., Prudential Bache Securities L.L.C. and Bache units.
Jeffries is an investment bank and securities firm.
The deal price was equal to the acquired operations’ book value as of the date of closing, Prudential says.
In other deal news, HCC Insurance Holdings Inc., Houston (NYSE:HCC), says it is combining the operations of its Perico Life Insurance Company unit with those of HCC Life Insurance Company.
The consolidation will help HCC Life make better use of its capital and make it a more efficient provider of medical stop-loss programs, HCC says.
HCC Life regional offices will now handle in-force Perico accounts and requests for proposals, HCC says.
- Rory Banim