Prudential Financial Inc. says it plans to sell its minority stake in Wachovia Securities to Wells Fargo & Co.

According to Reuters, Prudential said Thursday during a presentation to investors that its share of the brokerage is worth more than $3.7 billion after taxes.

A sale is expected around Jan. 1, 2010.

Prudential, based in Newark, N.J., said it is seeking to divest its stake in Wachovia Securities to boost its finances, the news agency reports.

Wells Fargo didn’t immediately return a call seeking comment on its plans for the brokerage, Reuters reports.

Charlotte-based Wachovia Corp. and Prudential combined their retail brokerage businesses in July 2003. The deal created one of the nation’s largest retail financial advisory organizations.

Wachovia took a 62 percent stake in the brokerage, with Prudential owning the remaining 38 percent.

At the time of the deal, Wachovia Securities was based in Richmond, Va. Last year, Wachovia moved the unit’s headquarters to St. Louis when the company acquired A.G. Edwards Inc.

San Francisco-based Wells Fargo (NYSE:WFC) is in the process of buying Wachovia (NYSE:WB). The deal was valued at $15.1 billion when it was announced Oct. 3. The transaction is expected to close by year-end. The merged company will be the country’s fourth-largest bank.

(Published by Charlotte Business Journal - December 4, 2008)