Met: MetLife to buy @metlife for $6 billion


MetLife is expected to be the largest publicly traded company in the world after the merger.

The transaction would give the New York-based company access to $6.6 trillion in assets and give it a $1.2 trillion market cap, according to research firm Morningstar.

It would be the biggest deal in Wall Street history, eclipsing the $5.5 trillion in deals that took place between the U.S. and Japanese companies in the 1980s.

It also comes amid a growing trend of merger-related deals.

The New York Stock Exchange, the world’s largest, reported Tuesday that it would close its merger-focused merger advisory unit with a new advisory group called the MetLife Strategy Group.

MetLife’s stock, which has been trading in the $2-$3 range, was up nearly 17 percent on Tuesday.

The stock fell nearly 5 percent on Monday.

Read more: Met Life merger to boost stock prices amid demand for new shares article A MetLife spokeswoman said in a statement the deal was a strategic acquisition that would allow the company to further improve its value proposition and reduce its risk.

“We are committed to our strategic objectives and the company’s core business of delivering health care services to customers,” the spokeswoman said.

The merger, which would create a privately held company with $6 trillion of assets and $1 trillion in cash, was approved by the New Jersey Superior Court on Tuesday after a lengthy process.

The judge rejected arguments by MetLife that the transaction was too early to be approved.

The deal would be met with skepticism from some investors, who say the company already has enough cash to stay solvent for years.

The agreement will allow MetLife, which currently serves more than 4 million customers, to accelerate a turnaround plan, which will focus on the healthcare and technology sectors, including an aggressive focus on smart meters and a plan to build a new office and health care hub in the Bronx, according the company.

The company is expected use its $6-billion in cash to boost its business and hire more people.

MetLife also plans to build an online pharmacy service, which could also be expanded to other parts of the U!

The company has been aggressively acquiring businesses and is reportedly working on a number of deals.

Read MoreNew York state regulators said Tuesday they would take action if MetLife violates a rule requiring the company, which also owns MetLife Health, to disclose all of its transaction costs, including the transaction price.

“The state has not yet taken any action, but we will take action when MetLife fails to comply with this requirement,” New York Attorney General Eric Schneiderman said in an email.ReadMore

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