Skandia, the Swedish financial services firm, is selling its subsidiary American Skandia to Prudential Financial for $1.15bn (€1.12bn), a US-based financial services firm.

The proceeds of the transaction will be used to reduce Skandia's existing debt. The agreement between Skandia and Prudential Financial contains standard representation and warranty provisions. In addition, both parties have agreed to a market standard non-compete agreement.

Prudential America buys American Skandia for $1.15bn

Pirkko Juntunen

Prudential Financial

Moody's Investors Service

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