Prudential Insurance Co. of America, a subsidiary of Newark-based Prudential Financial Inc., announced Thursday it has reached an agreement with Malaysia-based Bank Simpanan Nasional to purchase Uni-Asia Life Assurance Berhad, also based in Malaysia.
The deal will see the two buyers purchasing all UAL shares for approximately $160 million. Following the transaction, Prudential will own 70 percent of UAL shares. The proposed acquisition is expected to close by the end of 2013.
According to the announcement, BSN is one of Malaysia's largest banks, with 397 branches, 3,593 registered banking agents, 8.22 million customers and total assets of more than $8.1 billion as of March.
Digital content editor Joe Ross is @joeross on Twitter.