By Colin Kellaher

 

Prudential Financial Inc. (PRU) on Thursday said it agreed to buy Assurance IQ Inc., a direct-to-consumer platform for health and financial wellness solutions, for an initial $2.35 billion.

Newark, N.J.-based Prudential said the deal includes an additional earnout of up to $1.15 billion in cash and equity, contingent on multi-year growth objectives.

The financial-services company said it will use a combination of cash on hand, debt financing and equity to fund the acquisition, which it expects to complete early in the fourth quarter.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

September 05, 2019 07:12 ET (11:12 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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