NN Group Nears $740 Million Deal for MetLife Europe Units

Dutch insurer NN Group NV is in talks to buy some of Metlife Inc.’s European life insurance assets for around $740 million, according to people familiar with the matter.

A deal could be reached as soon as next week for the units in Greece and Poland, said the people, who asked to not be identified because the matter isn’t public. No final decision has been made, talks could fall through or other bidders could emerge, they said.

Representatives for MetLife and NN Group declined to comment.

The talks come as NN, which has been facing pressure from activist Elliott Investment Management to unlock value for shareholders, pursues a sale of its asset management arm. It had also bid on Aviva Plc’s Polish operations this year.

New York-based MetLife is selling the assets as it seeks to streamline its global business. Its operations in Europe, the Middle East and Africa reported adjusted earnings of $327 million in 2020, up from $282 million in 2019.

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