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

Law360, New York (February 1, 2013, 6:43 PM EST) -- 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...
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