Wells Fargo To Pay $5B For Prudential Brokerage Stake

Law360, New York (December 16, 2009, 1:08 PM EST) -- Wells Fargo & Co. will pay $4.5 billion in cash to purchase Prudential’s noncontrolling interest in the financial companies' retail brokerage joint venture, on the heels of Wells Fargo's announcement that it will repay the $25 billion in bailout funding it received from the U.S. Department of the Treasury.

The companies announced the price tag for the buyout of the joint venture, which includes Wells Fargo Advisors LLC and is referred to collectively as Wells Fargo Advisors, on Tuesday. The venture was born out of the...
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