March 08th, 2010

Today it was announced that MetLife has entered into an agreement with AIG to acquire Alico. The deal was signed on March 8th, 2010 and will be completed by the end of the year.

 

Commenting on the announcement, Michel Khalaf, CEO of Alico Middle East, Africa & South Asia said “ This is an excellent development for Alico and for our customers, business partners, agents and employees. This transaction represents a vote of confidence in the Alico brand and its people, and reinforces the desirability of Alico as a franchise. Furthermore, it represents a clear path forward as part of a financially secure, stable and well regarded company, where the combined international footprint will have access to over 75% of the world’s population in 60 countries around the globe. We are excited to be part of the MetLife family as we continue to see significant growth prospects in the MEASA region. We are very much focused on continuing to meet the needs of our clients and the markets that we serve and on maintaining our leadership position in the region.

MetLife Press RELEASE

 

METLIFE TO ACQUIRE AMERICAN LIFE INSURANCE COMPANY FROM AMERICAN INTERNATIONAL GROUP FOR APPROXIMATELY $15.5 BILLION

 

Combination of highly complementary businesses will create a global life insurance and employee benefits powerhouse with compelling growth opportunities.

 

NEW YORK, March 8, 2010 – MetLife, Inc. (NYSE: MET) announced today a definitive agreement to acquire one of American International Group, Inc.’s (AIG) international subsidiaries, American Life Insurance Company (ALICO), for approximately $15.5 billion. The consideration will consist of $6.8 billion in cash and approximately $8.7 billion in MetLife equity securities, subject to closing adjustments.

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AIG Press RELEASE

AIG TO SELL ALICO TO METLIFE FOR APPROXIMATELY $15.5 BILLION.

Transaction unlocks significant value for AIG to repay the U.S. Government, including $6.8 billion in cash to Federal Reserve Bank of New York upon closing.

NEW YORK, March 8, 2010 – American International Group, Inc. (NYSE: AIG) announced today a definitive agreement for the sale of American Life Insurance Company (ALICO), one of the world’s largest and most diversified international life insurance companies, to MetLife, Inc. (MetLife) for approximately $15.5 billion, including $6.8 billion in cash and the remainder in equity securities of MetLife, subject to closing adjustments. The cash portion of the proceeds from this sale will be used to reduce the liquidation preference of the Federal Reserve Bank of New York (FRBNY) in the special purpose vehicle (SPV) formed by AIG and the FRBNY to hold the interests in ALICO.
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