The U.S. Securities and Exchange Commission today provided the last approval MetLife Inc. needs to turn Brighthouse Financial Inc. into a separate company.
MetLife plans to spin Brighthouse off by giving shares of Brighthouse common stock to MetLife shareholders. The SEC has now declared the registration statement for that Brighthouse stock distribution effective.
Managers of Nasdaq gave MetLife another important approval Wednesday, certifying Brighthouse securities for listing on the Nasdaq Stock Market, under the symbol BHF.
MetLife, a New York-based company formed in 1869, has common stock that trades on the New York Stock Exchange under the symbol MET.
Brighthouse — a Charlotte, North Carolina-based organization — is inheriting MetLife's retail life and annuity operations.
MetLife plans to give MetLife shareholders one share of Brighthouse common stock for every 11 shares of MetLife common stock that they own at 5 p.m. EDT July 19.
MetLife will distribute the stock Aug. 4.
MetLife notes that, starting July 17, MetLife common stock will trade without the right for the holder to receive the special Brighthouse common stock distribution. To warn stock traders that they are getting MetLife stock without the right to receive Brighthouse stock, shares will trade, temporarily, under the symbol MET WI.
