We expect it to be immediately accretive to earnings.” The acquisition also supports our focus on shifting our business mix to less capital intensive products. MetLife is a leader in both life insurance and annuities in Chile, and Provida will further strengthen our position by adding the country’s top pension franchise. Kandarian, chairman, president and chief executive officer of MetLife, said “With this acquisition, MetLife is delivering on a key component of our strategy – expanding our presence in emerging markets. The acquisition of Provida, which also includes a small asset management business, is in keeping with MetLife’s wider strategy of capitalising on opportunities for growth in the emerging markets. Immediately following the announcement of the deal shares in Provida fell 6.34 percent. BBVA has agreed to transfer its 63.4 percent stake in Provida to MetLife. The acquisition of Provida will cost MetLife approximately $2bn, which the company will provide from its existing cash balances.Īccording to a statement released by MetLife, the terms of the agreement will see the company, the largest life insurer in the US, conduct a public cash tender offer for all of the outstanding shares of Provida. announced in February that it had entered into a definitive agreement to purchase Chilean pension manager AFP Provida SA from the Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA). Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies)Ĭalendars and Economy: 'Actual' numbers are added to the table after economic reports are released.MetLife Inc. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.Ĭryptocurrencies: Cryptocurrency quotes are updated in real-time. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Mutual Funds & ETFs: All of the mutual fund and ETF information contained in this display, with the exception of the current price and price history, was supplied by Lipper, A Refinitiv Company, subject to the following: Copyright © Refinitiv. Data may be intentionally delayed pursuant to supplier requirements. FactSet (a) does not make any express or implied warranties of any kind regarding the data, including, without limitation, any warranty of merchantability or fitness for a particular purpose or use and (b) shall not be liable for any errors, incompleteness, interruption or delay, action taken in reliance on any data, or for any damages resulting therefrom.
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