Willkie recently advised Prudential in its $1.4 billion pension risk transfer transaction with Bristol-Myers Squibb Co. The transaction, which was announced on September 30, 2014, comes on the heels of the September 25 announcement of the pension risk transfer transaction between Prudential and Motorola Solutions. Read Willkie’s Announcement. Under the terms of this transaction, Bristol-Meyers Squibb has agreed to purchase a group annuity contract from The Prudential Insurance Company of America that will transfer to Prudential responsibility for the administration and payment of $1.4 billion of retirement benefits to approximately 8,000 Bristol-Meyers Squibb retirees. The transfer to Prudential is expected to occur in December 2014 and is subject to satisfaction of closing conditions.

The Prudential Insurance Company of America is the principal subsidiary of Prudential Financial, Inc., a financial services leader with more than $1.1 trillion of assets under management as of June 30, 2014 and operations in the United States, Asia, Europe and Latin America. Through its subsidiaries and affiliates Prudential Financial offers a wide array of financial products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management, to individual and institutional customers through one of the largest distribution networks in the financial services industry.

The matter was handled by partner Vladimir Nicenko and associates Christian Ercole and Patrick Tedesco. Partner Donald B. Henderson, Jr. assisted on insurance regulatory matters.