NEW YORK--(BUSINESS WIRE)--Aug. 7, 2017--
MetLife, Inc. (NYSE: MET) today announced it has completed the spin-off
of Brighthouse Financial, Inc. (NASDAQ: BHF), creating two independent,
publicly-traded companies. Today marks the first day of post-separation
trading for each company’s common stock on its respective stock exchange.
“We believe MetLife and Brighthouse Financial offer investors unique
value propositions,” said MetLife, Inc. Chairman, President and CEO
Steven A. Kandarian. “The spin-off is the centerpiece of MetLife’s
continuing transformation into a less capital intensive company with
stronger free cash flow.”
“MetLife’s core businesses – employee benefits, protection and fee-based
retail products outside of the United States, and our growing asset
management arm – position the company well for profitable growth,”
Kandarian added. “We will be a simpler, more efficient and
customer-focused company that delivers value for all of its stakeholders
as we have throughout our nearly 150-year history.”
Under the terms of the separation, on the Aug. 4, 2017 distribution
date, MetLife, Inc. common shareholders received a distribution of one
share of Brighthouse Financial, Inc. common stock for every 11 shares of
MetLife, Inc. common stock they held as of 5 p.m.New York City time on
the July 19, 2017 record date. MetLife, Inc. common shareholders who
sold their “MET” shares in the "regular-way" market after that date, but
before and through the August 4 date that Brighthouse Financial, Inc.
common stock was distributed, sold their entitlement to receive
Brighthouse Financial, Inc. common stock in the distribution.
Shareholders of MetLife, Inc. who owned less than 11 shares of common
stock, or others who would otherwise have received fractional shares,
received cash.
Brighthouse Financial, Inc. common stock begins “regular-way” trading
under the symbol “BHF” on the NASDAQ Stock Market today, Aug. 7, 2017,
when markets open. MetLife will continue to trade on the NYSE under the
ticker symbol “MET.”
MetLife expects to file pro forma financial statements on Form 8-K with
the U.S. Securities and Exchange Commission in connection with the
spin-off.
Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, and Goldman, Sachs
& Co. LLC, acted as the financial advisors to MetLife on the spin-off.
Willkie Farr & Gallagher served as external counsel to MetLife.
Sandler O’Neill & Partners, L.P. acted as independent financial advisor
and Cleary Gottlieb Steen & Hamilton LLP acted as counsel to MetLife’s
Board of Directors.
Houlihan Lokey provided advice with respect to the Delaware approval
process. Wells Fargo & Company and BofA Merrill Lynch acted as capital
structuring advisors.
Milliman and Oliver Wyman provided advice on certain actuarial matters.
PricewaterhouseCoopers provided assistance on certain operational
separation activities.
About MetLife
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. For more
information, visit www.metlife.com.
Forward-Looking Statements
This news release may contain or incorporate by reference information
that includes or is based upon forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements give expectations or forecasts of future
events. These statements can be identified by the fact that they do not
relate strictly to historical or current facts. They use words such as
“anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,”
“believe,” “will,” “continuing,” and other words and terms of similar
meaning, or are tied to future periods, in connection with a discussion
of future operating or financial performance. In particular, these
include statements relating to future actions, prospective services or
products, future performance or results of current and anticipated
services or products, sales efforts, expenses, the outcome of
contingencies such as legal proceedings, trends in operations and
financial results.
Any or all forward-looking statements may turn out to be wrong. They can
be affected by inaccurate assumptions or by known or unknown risks and
uncertainties. Many such factors will be important in determining the
actual future results of MetLife, Inc., its subsidiaries and affiliates.
These statements are based on current expectations and the current
economic environment. They involve a number of risks and uncertainties
that are difficult to predict. These statements are not guarantees of
future performance. Actual results could differ materially from those
expressed or implied in the forward-looking statements. Risks,
uncertainties, and other factors that might cause such differences
include the risks, uncertainties and other factors identified in
MetLife, Inc.’s most recent Annual Report on Form 10-K (the "Annual
Report") filed with the U.S. Securities and Exchange Commission (the
"SEC"), any Quarterly Reports on Form 10-Q filed by MetLife, Inc. with
the SEC after the date of the Annual Report under the captions "Note
Regarding Forward-Looking Statements" and "Risk Factors," and other
filings MetLife, Inc. makes with the SEC. MetLife, Inc. does not
undertake any obligation to publicly correct or update any
forward-looking statement if MetLife, Inc. later become aware that such
statement is not likely to be achieved. Please consult any further
disclosures MetLife, Inc. makes on related subjects in reports to the
SEC.
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Source: MetLife, Inc.
MetLife, Inc.
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John Calagna, 212-578-6252
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