MetLife, Inc. (NYSE:MET) signed a merger agreement to acquire remaining 6.76% stake in Administradora de Fondos de Pensiones Provida S.A. (SNSE:PROVIDA) from Banchile Administradora General de Fondos SA and other shareholders on November 14, 2014. Under the terms of the transaction, shareholders of Administradora de Fondos de Pensiones Provida S.A are expected to receive one share of MetLife Chile Acquisition Co. S.A., an indirect wholly owned subsidiary of MetLife, Inc. as consideration.

The transaction is subject to the satisfaction or waiver of certain conditions, including the authorization by the Chilean Pension Funds Superintendency, approval of the transaction by the shareholders of each of Administradora de Fondos de Pensiones and Metlife, Metlife having filed the registration statement and other documents required by the laws with the SEC and listing of the common stock on the Chilean Exchanges. On November 17, 2014, the board of directors of Administradora de Fondos de Pensiones Provida agreed to call an extraordinary shareholders' meeting on December 29, 2014 to vote on a merger. The merger is expected to be concluded on or prior to December 31, 2015. As of December 29, 2014 , the deal was approved by the shareholders of Administradora de Fondos de Pensiones Provida. The transaction was approved by the shareholders of MetLife in April 2015. The transaction was approved by the Chilean Pensions Authority on August 25, 2015. As of September 1, 2015, the transaction was approved by the Pensions Authority.