Prudential To Buy United Overseas Unit For $307M

Law360, New York (January 6, 2010, 1:07 PM EST) -- Seeking to boost its presence in the Thai and Indonesian markets, Prudential PLC plans to pick up the life assurance subsidiary of Singapore’s United Overseas Bank Ltd. for $307 million.

Prudential, the U.K.’s biggest insurer by market capitalization, announced the acquisition Wednesday, and said as part of the agreement, Prudential’s life, accident and health insurance products would be distributed through UOB’s 414 bank branches across Singapore, Indonesia and Thailand for an initial term of 12 years.

The sale is scheduled to be completed by Jan. 31,...
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