US-based life insurer MetLife has finalized acquisition of a 64.3% stake of Chilean pension fund administrator, AFP Provida from Spanish bank BBVA, in a deal worth approximately $1.54bn.

From the sale of AFP, the Spanish bank received $1.3bn as the sales price and almost $230m in dividends, generating net capital proceeds of approximately €500m ($676.28m).

In February 2013, MetLife agreed to acquire the pension fund administrator in Chile for around $2bn, under a public cash tender offer for all Provida shares, to boost its footprint in emerging markets, reported Reuters.

The transaction includes a small asset management business in Ecuador, while it leaves out Provida’s minority stakes in other businesses in Mexico and Peru.

BofA Merrill Lynch served as financial advisor, while Skadden, Arps, Slate, Meagher & Flom and Prieto y Cia served as legal advisors to MetLife.

Serving 90 million customers, MetLife provides insurance, annuities and employee benefit programs, and maintains presence the US, Japan, Latin America, Asia, Europe and the Middle East.