February 1, 2013

MetLife to Acquire BBVA’s Chilean Pension Business

On February 1, 2013, MetLife, Inc. (NYSE: MET) announced that it had reached an agreement to acquire AFP Provida S.A., the largest Chilean private pension administrator, from BBVA.  MetLife will conduct a public cash tender offer for all outstanding shares of Provida, and BBVA will transfer its 64.3% stake in Provida to MetLife.  If all publically-held shares are tendered, the purchase price will be approximately $2 billion.

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