|
NEW YORK (AP) - MetLife Inc. on Friday said it completed its $11.8 billion acquisition of Citigroup's Travelers Life and Annuity Co. and nearly all of Citigroup's international insurance businesses, which will make MetLife the nation's biggest life insurance company in sales.
MetLife, which paid Citigroup $10.8 billion in cash and about 22.4 million of its own shares valued at roughly $1 billion, said the acquisition would slightly bolster its earnings in this year's second half.
New York-based Citigroup Inc. said it would record a $2 billion gain in the third quarter now that the deal is closed.
|