As of September 30, 2012, Provida had $45.3 billion in assets under management and 1.8 million contributors, both of which are the most in the Chilean pension industry.
“The assets, customers and intellectual capital this transaction brings into the MetLife family of businesses will transform our operations in Chile,” said William J. Wheeler, president, the Americas, MetLife, Inc. “We have great appreciation for the Provida franchise, and we believe their talented employees will be key to helping us reach our growth targets in the market.”
The tender offer described herein will be conducted in Chile and the United States and will be for all of the outstanding ordinary shares and American Depositary Shares of Provida.
The transaction, which is subject to receipt of certain regulatory approvals and other customary conditions, has been approved by the board of directors of MetLife.BofA Merrill Lynch acted as financial advisor to MetLife. Skadden, Arps, Slate, Meagher & Flom LLP and Prieto y Cia served as legal advisors. MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com. This press release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.