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Pru is set to take stake as Assureweb gets 7.5m injection

Prudential is poised to become the sixth product provider to take a stake in Assureweb by funding part of a 7.5m cash injection into the business, Money Marketing understands.

The deal, which is still being finalised, is expected to go through in the next two weeks.

It is not clear what size stake Pru will be taking and how this will affect other companies’ holdings but the current five product providers with stakes in the business – Norwich Union, Scottish Widows, Friends Provident, Aegon and Clerical Medical – will also be contributing to the cash injection.

Assureweb says the money is to be spent on updating its technology systems and does not reflect any problems with its balance sheet.

The current five shareholders paid 9.2m for a 40 per cent stake in Assureweb in 2002 before acquiring the remaining 60 per cent from Sesame in July 2005, giving Norwich Union 30 per cent of the portal, Friends Provident and Scottish Widows 20 per cent each and Aegon and Clerical Medical 15 per cent apiece.

Both Pru and Assureweb declined to comment.

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