Insurance provider MetLife Inc. (NYSE: MET) will pay $2 billion for AFP Provida SA, the largest pension fund administrator in Chile.

The deal, which also includes an asset management business in Ecuador, gives MetLife an opportunity to expand in emerging markets. BBVA, which owns 64.3 percent of Provida, has agreed to sell its shares.

As of Sept. 30, Provida had $45.3 billion in assets under management and 1.8 million contributors.

In addition to insurance, New York-based MetLife provides annuities and employee benefits programs that serve 90 million customers.

The deal is subject to regulatory approval.

Bank of America Merrill Lynch acted as MetLife’s financial adviser, while Skadden Arps Slate Meagher & Flom LLP and Prieto y Cia worked as legal counsel.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.