Prudential - Sale of Egg to Citigroup

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Slaughter and May advised Prudential on a binding agreement to sell its internet banking subsidiary, Egg, to Citigroup for £546 million, subject to finalisation of the completion accounts. The sale completed on 1 May, 2007.

Prudential has also agreed in principle outline terms with Citigroup with respect to a UK distribution agreement through which Prudential will provide life and pensions products to Egg’s customer base for a five year period. In addition, Prudential announced that it had been selected as strategic provider to Citigroup for the distribution of life assurance products to Citigroup’s consumer banking customers in certain Asian territories.

William Underhill (partner), Robert Chaplin (partner), Rebecca Symondson (associate), Jane Douglas (associate), Athene Blakeman (associate), Emma Rees (associate); Distribution Arrangements: Oliver Wareham (partner), Nicola Heys (associate); Tax: Tony Beare (partner), Mike Lane (associate); Intellectual Property/Information Technology: Rob Sumroy (partner), Amy Ryburn (associate); Financial Regulation: Ruth Fox (partner), Catriona Owen (associate); Pensions and Employment: Roland Doughty (partner); Competition: Isabel Taylor (associate); Commercial Real Estate: Jane Edwarde (partner), Dan Marriott (associate)

Linklaters, led by Nick Rees, acted for Citigroup.