NU Online News Service, June 20, 5:20 p.m. – MetLife Inc., New York, says it has completed its previously announced $965 million acquisition of the formerly government-owned Aseguradora Hidalgo S.A., Mexico’s largest life insurer.
MetLife acquired Aseguradora Hidalgo through a bidding process conducted by the Mexican government. The employees’ right of first refusal has expired, and MetLife has received the final regulatory approvals to complete the deal, MetLife says.
MetLife intends to combine Aseguradora Hidalgo with its MetLife Genesis unit, but for now, the units will continue to operate separately, MetLife says.
Aseguradora Hidalgo is the largest life insurer in Mexico with an overall market share of 29%, according to company figures.