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Prudential Financial Inc. has agreed to buy Allstate Corp.'s $16billion variable annuity business through a reinsurancearrangement, the companies announced.

Prudential, Newark, N.J., will pay $580.5 million for thetransaction, subject to changes in market prices by the closingdate, expected to take place by the end of the second quarter. Thedeal must be approved by regulators, the companies note.

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