Pru shells out on Slaughters in Egg sale

Slaughter and May and Linklaters have landed the lead roles on Prudential’s binding agreement to sell its internet banking subsidiary Egg to Citigroup. Slaughters advised Prudential on the £575m disposal, led by partner William Underhill, who also advised Prudential on its £217m takeover of the remaining 22 per cent stake two years ago. Linklaters, led by partners Nick Rees and Carlton Evans, acted for longstanding client Citigroup. Prudential has agreed to a UK distribution agreement with Citigroup to provide life and pensions products to Egg customers over a five-year period. In addition, Prudential has been selected as a strategic provider to Citigroup for the distribution of life assurance products to consumer banking customers in parts of Asia.