Fortitude Re closes acquisition of Prudential Financial portfolio

Skyworks Solutions Inc

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Information Technology : Semiconductors & Semiconductor Equipment | Mid Cap Value

Company profile

Skyworks Solutions, Inc. is engaged in designing, manufacturing, and marketing, semiconductor products, including intellectual property. The Company’s analog semiconductors are connecting people, places, and things, across new applications within the aerospace, automotive, broadband, cellular infrastructure, connected home, entertainment, and gaming, industrial, medical, military, smartphone, tablet, and wearable markets. It operates engineering, manufacturing, sales, and service facilities throughout Asia, Europe, and North America. Its system solutions include Sky5, diversity receive (DRx) and multi-input multi-output (MIMO), SkyOne, antenna management, and integrated infrastructure. It offers a range of products, such as Amplifiers, Antenna Tuners, Attenuators, Automotive Tuners and Digital Radios, Circulators/Isolators, Demodulators, Detectors, Digital Power Isolators, Diodes, Directional Couplers, Diversity Receive Modules, Filters, Mixers, Modulators, Receivers, and Switches.

Fortitude Re closes acquisition of Prudential Financial portfolio

9:15 am ET April 1, 2022 (MarketWatch) Print

Carlyle Group Inc.-backed (CG) Fortitude Reinsurance Co. Ltd. said Friday it closed its acquisition of Prudential Annuities Life Assurance Corp. (PALAC), a unit of Prudential Financial Inc. (PRU), for an undisclosed sum. The deal, which was announced in September, includes about $31 billion of in-force variable annuity account values, mostly from non-New York, traditional variable annuities with guaranteed living benefits issued by PALAC prior to 2011. The deal comes a day after Carlyle Group said it formed Carlyle Insurance Solutions Management LLC and inked a new strategic advisory services agreement with Fortitude Re that will increase its global credit unit's fee-earning assets under management by $50 billion and generate annual fee related earnings by $50 million, effective April 1. Shares of Carlyle Group rose 1.2% in premarket trades. Prudential Financial shares are up 9.2% so far in 2022.

-Steve Gelsi

(END) Dow Jones Newswires

April 01, 2022 09:15 ET (13:15 GMT)