09 Nov 2007
Prudential plc announces the sale of PPM Capital
Prudential plc announces the sale by its fund management arm, M&G, of its direct private equity business, PPM Capital, to PPM Capital’s existing management team.
The transaction involves the sale by PPM Capital (Holdings) Limited ("Holdings") of the entire issued share capital of PPM Capital Limited ("PPMC") to One NFL, LLP and the sale of the shares in various subsidiaries of Holdings to PPM Capital Partners, LLP. The gross assets subject to the transaction are £14 million. M&G has become a member of One NFL, LLP and has contributed £1.35 million, on normal commercial terms, towards its regulatory capital. Under the terms of the transaction, PPM Capital will continue to manage its existing investments on the current terms.
Philip Johnson, Finance Director of M&G, said: "Both M&G and PPM Capital agree that the future growth and development of PPM Capital is best served by it becoming an independent company. PPM Capital will remain manager of M&G’s private equity investments on the same terms as before. M&G remains committed to indirect private equity investment through its PPM Managers Fund of Funds activities."
|Simon Anderson, M&G
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||+44 20 7548 3561
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Notes to Editors:
Prudential plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 150 years and has £256 billion in assets under management as at 30 June 2007. Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
This statement may contain certain "forward-looking statements" with respect to certain of Prudential's plans and its current goals and expectations relating to its future financial condition, performance, results, strategy and objectives. Statements containing the words "believes", "intends", "expects", "plans", "seeks" and "anticipates", and words of similar meaning, are forward-looking. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Prudential's control including among other things, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, and the performance of financial markets generally; the policies and actions of regulatory authorities, the impact of competition, inflation, and deflation; experience in particular with regard to mortality and morbidity trends, lapse rates and policy renewal rates; the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; and the impact of changes in capital, solvency or accounting standards, and tax and other legislation and regulations in the jurisdictions in which Prudential and its affiliates operate. This may for example result in changes to assumptions used for determining results of operations or re-estimations of reserves for future policy benefits. As a result, Prudential's actual future financial condition, performance and results may differ materially from the plans, goals, and expectations set forth in Prudential's forward-looking statements. Prudential undertakes no obligation to update the forward-looking statements contained in this statement or any other forward-looking statements it may make.