Pramerica Financial (Pramerica), a brand name used by Prudential Financial, Inc. (PFI) of the United States, and Dewan Housing Finance Corporation Ltd. (DHFL) today signed a binding term sheet for Pramerica to acquire DHFL’s stake in their 50:50 joint venture asset management company, DHFL Pramerica Asset Managers Pvt. Ltd. (DPAM). The transaction is subject to signing of definitive documentation, customary closing conditions, and regulatory and other approvals.
The transaction would make DPAM a wholly-owned business of PGIM, the global asset management business of PFI, which ranks among the top 10 largest investment managers in the world with more than $1 trillion in assets under management.
Pramerica and DHFL formed the joint venture in 2014 and immediately expanded its business through the acquisition of Deutsche Asset Management (India) Pvt. Ltd.
