News Summary: MetLife to buy pension fund business

News Summary: MetLife to spend about $2 billion to acquire Chilean pension fund administrator

Associated Press

THE DEAL: MetLife Inc. said Friday it will pay about $2 billion to buy Chilean private pension fund administrator AFP Provida SA.

THE RATIONALE: MetLife said AFP Provida is the largest private pension fund administrator in Chile, and the New York company wants to build its presence in emerging markets.

THE DETAILS: MetLife will conduct a public cash tender offer for all shares of AFP Provida. The bank BBVA has agreed to transfer its stake of more than 64 percent in the company to MetLife as part of the deal, which also includes a small asset management business in Ecuador.

Sorry you didn't like this comment. Please provide a reason below.

Are you sure?
Rating failed. Try again.
Request failed. Try again.
We will promote constructive and witty comments to the top, so everyone sees them!
Sorry, we can’t load comments right now. Try again.

    Recommended for You