Brighthouse Financial Files Form 10 Registration Statement in Connection with Planned Separation from MetLife
MetLife takes important step toward separating into two independent publicly traded companies
The Form 10 reflects MetLife’s current plan to initiate the separation of Brighthouse Financial in the form of a spin-off. While MetLife and Brighthouse Financial are currently preparing for a spin-off transaction, the ultimate form and timing of a separation will be influenced by a number of factors, including regulatory considerations and economic conditions. MetLife continues to evaluate and pursue structural alternatives for the planned separation, including different forms of spin-off, a public offering of shares in an independent, publicly traded company, or a sale. The first step in the separation transaction is expected to take place in the first half of 2017. In conjunction with the Form 10, MetLife today filed a Form 8-K with the
“Today’s filing marks an important milestone for both MetLife and Brighthouse Financial as we move toward separating into two companies,” said
“Brighthouse Financial aims to deliver simple, transparent solutions and experiences that empower advisors and consumers to confidently make choices that will take them one step closer to achieving the financial future they envision,” said
As outlined in the Form 10, Brighthouse Financial will be a major
Following the planned separation,
The Form 10 describes a potential transaction which is a pro-rata distribution of at least 80.1 percent of the shares of Brighthouse Financial’s common stock to MetLife’s shareholders. Brighthouse Financial anticipates that such a transaction would be tax-free to
The separation remains subject to certain conditions including, among others, obtaining final approval from the MetLife board of directors, receipt of a favorable
For more information, the full Brighthouse Financial Form 10 can be viewed at http://www.sec.gov and MetLife’s Investor Relations site at www.metlife.com.
About MetLife
Note Regarding Forward-Looking Statements
This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” and other words and terms of similar meaning, or are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective services or products, statements regarding the Separation, including the timing and expected benefits thereof, the formation of Brighthouse Financial, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.
Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of MetLife and Brighthouse Financial. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife’s and Brighthouse Financial’s respective filings with the
MetLife and Brighthouse Financial do not undertake any obligation to publicly correct or update any forward-looking statement if MetLife or Brighthouse Financial later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife or Brighthouse Financial makes on related subjects in reports to the
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