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Metlife Inc Announces Acquisition Of BBVA`s Chilean Pension Business For Approximately $2 Billion


Friday, 1 Feb 2013 01:06am EST 

Metlife Inc announced it has entered into a definitive agreement with BBVA to acquire AFP Provida S.A. (Provida), the private pension fund administrator in Chile. Under the terms of the agreement, MetLife will conduct a public cash tender offer for all of the outstanding shares of Provida, and BBVA has agreed to transfer its 64.3% stake to MetLife. Assuming all publicly-held shares are tendered, the purchase price, which MetLife will fund from its existing cash balances, would be approximately $2 billion. In addition to the purchase price payable by MetLife in the tender offer, Provida shareholders are expected to receive from Provida, prior to the closing, dividends representing excess cash as well as the proceeds from the sale of Provida`s minority stakes in other businesses in Mexico and Peru, which are not being acquired by MetLife. BofA Merrill Lynch acted as financial advisor to MetLife. Skadden, Arps, Slate, Meagher & Flom LLP and Prieto y Cia served as legal advisors. 

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54.74
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29 Aug 2014