Newark, N.J., arena where Devils will play to be called Prudential Center

Officials from the hockey team and Prudential Financial Inc. will announce the details at a news conference Monday. Vanderbeek declined to comment on the cost of the naming rights, but had said earlier that the deal would have Prudential pay the Devils about $5 million annually. He said the contract is for 20 years.

The $370 million arena is rising nearly across Broad Street from the world headquarters of the life insurance and investment giant in downtown Newark.

“It’s an awesome deal for both parties,” Vanderbeek said. “As the chairman of the Devils, I couldn’t be happier with the corporate partnership of Prudential.”

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The city of Newark contributed $210 million to the arena, which was initially expected to cost $310 million. The Devils are paying for cost overruns, Vanderbeek said.

The arena will seat 17,615 people for hockey, 18,500 for basketball and 19,000 for concerts, he said.

The Devils now play at the Continental Airlines Arena in East Rutherford. The NHL team shares the building with the New Jersey Nets, whose new owner is moving forward with plans to build an arena for the NBA team in New York.