updated 11/12/2010 1:55:37 PM ET 2010-11-12T18:55:37

Prudential Financial Inc. on Friday priced a public offering of more than 18 million shares of its common stock at $54.50 per share. The offering is expected to close on Wednesday.

The company said it plans to use the estimated $970 million in proceeds from the offering to pay for a part of its previously announced acquisition of AIG Star Life Insurance Co. and AIG Edison Life Insurance Co.

Underwriters have the option to buy up to an additional 2.8 million shares to cover excess demand, if any.

In afternoon trading, shares of the life insurance company changed hands at $54.60, down 42 cents.

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