On February 1, 2013, MetLife, Inc. (NYSE: MET) announced that it had entered into an agreement with BBVA to acquire its 64.3% stake in Chilean pension fund administrator AFP Provida S.A.
On February 1, 2013, MetLife, Inc. (NYSE: MET) announced that it had entered into a definitive agreement to acquire BBVA’s 64.3% interest in AFP Provida S.A. Provida is a Chile-based private pension fund administrator. As part of the agreement, MetLife will conduct a public cash tender offer for all of the outstanding shares of Provida. The purchase price is expected to be approximately $2 billion, assuming all publicly-held shares are tendered. Prior to the closing Provida shareholders are also expected to receive dividends representing excess cash as well as proceeds from the sale of Provida’s minority stakes in certain businesses in Mexico and Peru, which will not be acquired by MetLife. The transaction, which is subject to certain regulatory approvals and other customary conditions, is anticipated to close in the third quarter of 2013. Provida has approximately $45.3 billion in assets under management
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