MetLife acquires BBVA interest in Chile's AFP Provida

Wednesday, October 2, 2013

US insurer MetLife (NYSE: MET) has completed the acquisition of all of Spanish bank BBVA's (NYSE: BBVA) 64.3% interest in Chilean private pension fund manager AFP Provida (NYSE: PVD) for approximately US$1.54bn, according to a BBVA note.

BBVA will make a capital gain of around 500mn euros (US$680mn) from the transaction, the bank said.

The deal forms part of MetLife's plans to acquire all issued and outstanding shares of the Chilean firm in its bid to expand its presence in emerging markets.

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On Monday (Sep 30) the US insurer completed a tender offer in the US and Chile for the remaining outstanding shares in Provida, the country's largest private pension fund administrator.