Debevoise Advises Prudential Financial in Sale of Joint Venture interest in Wells Fargo

New York – December 31, 2009 – – Debevoise & Plimpton LLP advised Prudential Financial, Inc. (“Prudential”) in the sale to Wells Fargo & Company (“Wells Fargo”) of its noncontrolling interest in their retail brokerage joint venture, which includes Wells Fargo Advisors, LLC, for $4.5 billion in cash. Wells Fargo acquired Prudential’s interest on December 31, 2009.

Prudential Financial, Inc., a financial services leader with approximately $641 billion of assets under management, has operations in the United States, Asia, Europe and Latin America. Debevoise & Plimpton LLP is a leading international law firm with offices in New York, Washington D.C., London, Paris, Frankfurt, Moscow, Hong Kong and Shanghai.

The Debevoise team was led by partner Sarah A.W. Fitts and included partners Andrew L. Bab, Kenneth J. Berman, Peter J. Loughran and Seth L. Rosen, counsel Michael D. Devins and associates Suzie C. Alway, Margaret G. Cho and Dmitriy A. Tartakovskiy.

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