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News Summary: MetLife to buy pension fund business

The Associated Press

THE DEAL: MetLife Inc. said Friday it will pay about $2 billion to buy Chilean private pension fund administrator AFP Provida SA.

THE RATIONALE: MetLife said AFP Provida is the largest private pension fund administrator in Chile, and the New York company wants to build its presence in emerging markets.

THE DETAILS: MetLife will conduct a public cash tender offer for all shares of AFP Provida. The bank BBVA has agreed to transfer its stake of more than 64 percent in the company to MetLife as part of the deal, which also includes a small asset management business in Ecuador.