Principal Financial Group’s Acquisition of full ownership of MetLife Afore, S.A. de C.V.


BNP Paribas Securities Corp. and Credit Suisse Securities (USA) LLC served as financial advisors on the transaction to Principal and MetLife, respectively. White & Case LLP served as legal counsel for Principal and Nader, Hayaux y Goebel, S.C. for MetLife.

Principal Financial Group has signed an agreement to acquire full ownership of MetLife Afore, S.A. de C.V., MetLife, Inc.’s pension fund management business in Mexico, subject to regulatory approval. With nearly 25 years in Mexico, Principal is committed to growing across its mandatory pension, voluntary long-term savings, and mutual funds businesses.

By integrating MetLife Afore into Principal Afore, S.A. de C.V. (“Principal Afore”), Principal will gain additional scale, a larger distribution network and the capacity to better support its customers in Mexico with innovative advice and customized tools that help them achieve their retirement goals. After closing, Principal Afore will be the fifth largest pension provider in Mexico in terms of assets under management.

The purchase agreement between Principal and MetLife will be reviewed by Mexican regulatory authorities before closing, which is anticipated during the first quarter of 2018.

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.

Principal Financial Group, Inc. provides financial products and services to businesses, individuals, and institutional clients. The Company, led by Daniel Joseph Houston, Julia Marie Lawler, Rob Best, James Patrick McCaughan and Luis Valdes, offers retirement solutions, life and health insurance, wellness programs, and investment and banking products.

White & Case advised Principal Financial Group with Vicente Corta (Picture) Francisco García-Naranjo, Sofía Duclaud Llantada, Ricardo Pous and Regina Esparza.

Nader, Hayaux & Goebel advised MetLife Afore, S.A. de C.V. with Michell Nader, Gunter Schwandt and Ana Paula Tellería.

Involved fees earner: Michell Nader S. – Nader, Hayaux & Goebel; Gunter Schwandt – Nader, Hayaux & Goebel; Ana Paula Tellería – Nader, Hayaux & Goebel; Vicente Corta Fernández – White & Case; Francisco Garcia-Naranjo González – White & Case; Sofía Duclaud Llantada – White & Case; Ricardo Pous Fritz – White & Case;

Law Firms: Nader, Hayaux & Goebel; White & Case;

Clients: Principal Financial Group; MetLife Afore, S.A. de C.V.;

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Author: Ambrogio Visconti.