MetLife Spin Off of U.S. Retail Business Update (10/7/16)

MetLife (MET) announced this week a detailed plan to divest of its U.S. Retail life insurance and annuity businesses in the form of a spin-off1 into a separate publicly-traded company (to be named Brighthouse Financial, Inc.; BHF). MET expects to take the first step in this transaction in the first half of 2017, and after the transaction MET expects to retain less than 20% of BHF shares. MET states that it intends to sell all of its interest in BHF “as soon as practicable following the distribution”, but no later than five years after the distribution.

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