Insurer MetLife Inc., with operations in Hartford, plans to pay American International Group Inc. in stock and cash for American Life Insurance Co. (Alico), as the two sides negotiate what could be a roughly $15 billion deal, Reuters says, citing a source familiar with the matter.
MetLife, the largest publicly traded U.S. life insurer, may pay roughly $8 billion of the purchase price in stock and the rest in cash, according to the source, Reuters said.
Banks including JPMorgan Chase & Co., Bank of America Corp., Deutsche Bank AG and Credit Suisse Group AG may give MetLife a $5 billion bridge loan for the deal, according to Bloomberg, which first reported the news.
A deal could be struck as soon as Thursday, Bloomberg said.
The terms of any deal had not been finalized, though, and the mix could change, the source said.
MetLife spokesman Christopher Breslin and AIG spokesman Mark Herr declined to comment. The banks could either not be reached immediately or declined comment. The source is anonymous because the talks are not public.
