NEWARK, N.J., Sept 19 — Prudential Financial, Inc. (NYSE: PRU) announced today that its indirect subsidiary, New Veld, LLC, has entered into agreements to sell all of Prudential’s shares in Alexander Forbes Group Holdings Limited (Alexforbes), a company listed on the Johannesburg Stock Exchange in South Africa. Under two separate transactions, Alexforbes will repurchase approximately 372.8 million shares held by New Veld, and ARC AF Holdings (RF) Proprietary Limited will acquire New Veld’s approximately 74.1 million shares.
The transactions, valued in aggregate at approximately $185 million, are expected to close in the first half of 2027, subject to Alexforbes shareholder approval with respect to the sale of shares to Alexforbes, applicable regulatory approvals, and other customary closing conditions.
Together, the transactions represent another step in advancing the strategy Prudential announced in August to narrow its geographic footprint by exiting emerging markets and concentrating its capital, talent, and management attention on the areas where the company has the strongest opportunities to compete and win over the long term.
“Alexforbes has been an important and successful investment for Prudential, and we are proud of what we have accomplished together,” said David Legher, head of Emerging Markets at Prudential. “These transactions mark further execution on our strategy, allowing us to narrow our focus on the businesses and markets where we see the strongest opportunities for long-term growth. It also positions Alexforbes for continued success under a more concentrated ownership structure. We are grateful for the strong partnership we have built and remain committed to supporting a smooth transition.”
Prudential will continue to support Alexforbes and its stakeholders through closing. The transactions will not change New Veld’s continued involvement before completion.
Prudential Financial was advised by Cliffe Dekker Hofmeyr Inc as legal counsel.