MetLife Inks $2B Deal For BBVA's Chilean Pension Business

Law360, New York (February 01, 2013, 6:43 PM ET) -- MetLife Inc. has inked a deal to buy AFP Provida SA, Chile's largest pension provider, from Brazilian bank BBVA for $2 billion in cash, MetLife said Friday, two days after confirming it was in talks with the asset manager.

The deal is structured as a transfer of BBVA's 64.3 percent stake in Provida and a tender offer at a still-undisclosed price for the remaining outstanding shares.

The biggest U.S. life insurer will gain the $45.3 billion of assets and 1.8 million customers, and a foothold in...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required