Jackson National IPO Scuttled; To Go Through Demerger
February 3, 2021 by Staff Reports
Prudential plc, the parent company of Jackson Financial, today announced that the Prudential board has decided to pursue the separation of Jackson in the second quarter of 2021 through a demerger, whereby shares in Jackson would be distributed to Prudential shareholders.
The demerger, also known as a spin-off in the U.S., is subject to shareholder and regulatory approval and would lead to a significantly earlier separation of Jackson than would have been possible through a minority IPO and future sell-downs, the company said in a news release.
At the time of the spin-off, Prudential intends to retain a 19.9 percent interest in Jackson that it will fully divest over time.