Prudential Financial Inc., which has operations in Hartford, said Nippon Life Insurance Co. of Japan has agreed to invest $500 million through the purchase of a 10-year exchangeable surplus note issued by Prudential Insurance Company of America.
Nippon Life, one of the world’s largest life insurers, can exchange the surplus note for shares of Prudential Financial common stock after five years.
The transaction is expected to close on Friday. Barclays Capital served as financial advisor to Prudential, based in Newark, N.J., on this transaction.
Nippon Life provides products for more than 10 million individuals, as well as group insurance products for more than 230,000 corporate clients in Japan. Prudential Financial has 50 million customers through operations in the United States, Asia, Europe, and Latin America. (AP)
