MetLife, Inc. said this week that it has completed its acquisition of American Life Insurance Company (Alico) from American International Group, Inc. (AIG) for $16.2 billion, according to a statement.
With the acquisition of Alico, Metlife can expand its existing operations in the US, Mexico, Korea and Chile to more than 60 countries worldwide, said C. Robert Henrikson, chairman, president and CEO of MetLife, Inc.
“This transaction delivers on our global growth strategies. …It also further diversifies and balances our geographic mix and product offerings and significantly increases the company’s distribution power,” he added in a press statement.
Consideration paid by MetLife to AIG for the acquisition of Alico consisted of $7.2 billion in cash consideration after adjustments and $9.0 billion in MetLife equity and other securities, subject to closing adjustments, according to the statement
The securities portion of the purchase price consisted of 78.2 million shares of MetLife common stock, 6.9 million shares of contingent convertible preferred stock and 40 million equity units.
MetLife, Inc. provides insurance, annuities and employee benefit programs in the US, Japan, Latin America, Asia Pacific, Europe and the Middle East.
