Market Overview

Dexia To Sell Turkish Life Insurance Business To MetLife

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Franco-Belgian financial services group Dexia SA (OTC: DXBGF) agreed to sell its Turkish life insurance business to MetLife Inc (NYSE: MET) for 162 million euros ($229.3 million).

The transaction is likely to close by the end of 2011. MetLife will buy Dexia's 99.86% stake in DenizEmeklilik, the life insurance and pension unit of DenizBank. Dexia bought Denizbank in 2006.

MET shares dropped 0.63% to close at $40.99 on Friday.

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Posted-In: merger and acquisitionM&A News

 

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