Discovery pays £155m for remaining stake in Prudential’s UK subsidiaries

first_imgMonday 10 November 2014 8:08 pm Discovery pays £155m for remaining stake in Prudential’s UK subsidiaries SOUTH African health insurance firm Discovery has purchased PruHealth and PruProtect from parent company Prudential Assurance, the UK subsidiary of Prudential.Discovery paid £155m for the remaining 25 per cent equity stake in the joint venture, which was initially established as an equally owned venture between Discovery and Prudential. In 2010, Discovery upped its shareholding to 75 per cent.According to the South African firm, the deal, which values Pru Health and PruProtect at £620m, supports its “ambition to establish a second home market in the UK”.Adrian Gore, Discovery chief executive, commented: “We are tremendously excited about this major strategic milestone for Discovery. Discovery’s increased investment in the UK has always been part of our longer-term strategy. It will afford us the opportunity to realise our vision to further entrench our insurance model and to be recognised as the best protection provider in the UK.”Jackie Hunt, chief executive of Prudential UK, Europe and Africa, said the transaction would give the company the commercial flexibility to “consider operating freely in the UK protection market in due course”. Show Comments ▼ Share whatsapp More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest whatsapp Caitlin Morrison Tags: NULLlast_img

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