Willkie advised MetLife on the transaction
MetLife, Inc. completed an exchange of its remaining 23,155,117 shares of Brighthouse Financial, Inc. common stock for $943,638,000 in aggregate principal amount of MetLife indebtedness held by Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and Wells Fargo Securities, LLC. Following the exchange, the banks sold the Brighthouse shares in an underwritten public offering, which closed on June 19.
Brighthouse is a former subsidiary of MetLife, but was spun-off into an independent, publicly traded company on August 4, 2017. The transaction marks MetLife’s full exit of its ownership stake in Brighthouse.
The deal was handled by partners John Schwolsky (Picture) and Benjamin Nixon, and associates Marisa Weisbaum and Osvaldo Kock. Christopher Peters provided tax advice.
Law Firms: Willkie Farr & Gallagher;