Banco Bilbao Vizcaya Argentaria S.A. Reaches Agreement with Metlife Inc Concerning Sale of its 64.3% share capital Administradora de Fondos de Pensiones Provida S.A.


Friday, 1 Feb 2013 02:00am EST 

Banco Bilbao Vizcaya Argentaria S.A. (BBVA) announced that it has reached an agreement (the "Agreement") with MetLife, Inc, for the sale of the 64.3% share capital that BBVA holds in the Chilean pension fund manager "Administradora de Fondos de Pensiones Provida S.A.' ("AFP Provida" or the "Company"). Pursuant to the terms of the Agreement and subject to the satisfaction of the conditions set forth therein: MetLife, Inc has agreed to cause one or more of its wholly-owned affiliates to commence, both in the Republic of Chile and in the United States of America, a tender offer in cash (the "Tender Offer") for 100% of the issued and outstanding shares of AFP Provida; and BBVA has agreed to transfer the entirety of its 64.3% interest in AFP Provida to such affiliates of MetLife, Inc. either (i) directly through the Tender Offer, or (ii) partially directly through the Tender Offer and partially indirectly through the sale to MetLife, Inc. of a newly incorporated BBVA affiliate in Chile. In this case, BBVA shall be paid the same price that it would be paid by the transfer of the shares of AFP Provida through the Tender Offer.