MetLife Inc., the largest U.S. life insurer, agreed to buy Chilean pension manager AFP Provida SA from Banco Bilbao Vizcaya Argentaria SA in a deal valued at about $2 billion to add fee income in Latin America.

MetLife will conduct a public cash tender offer for all of the outstanding shares of Provida, the insurer said in a statement. BBVA has agreed to transfer its 64.3 percent stake to MetLife, according to the statement.

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