US insurer Prudential Financial has finalized its purchase of 40% of Chilean pension fund manager AFP Habitat for $529 million.
Prudential initially announced its intention to buy the stake from Chile’s Inversiones La Constuccion (ILC) in October 2014.
Prudential bought an indirect interest in AFP Habitat from ILC’s subsidiaries for 899.90 Chilean pesos a share, for a total purchase price of $529 million.
This deal has made the two companies equal partners in AFP Habitat.
AFP Habitat is one of Chile's largest pension funds with around $43 billion in assets under management. In 2015 the pension firm generated about $127 million in revenue before tax, an increase from the $125.7 million it generated in 2014.