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MetLife to acquire Bequest
Posted on Thursday, 21 November 2019 14:38
MetLife has agreed to acquire estate planning group Bequest, more common known as Willing, in a deal scheduled to complete before the end of 2019.
The transaction, which is subject to the usual raft of approvals, will bring new digital capabilities to the New York-based buyer, while also reinforcing its simple and easy to use benefits.
Willing makes an estate plan in as little as 15 minutes from anywhere in the world, having helped more than 500,000 families create important legal documents such as wills, trust and powers of attorney for customers to view online.
Founded in 2015, the Miami-headquartered target will continue to offer its services via its website, with a plan in place to make the operations available to MetLife’s customers.
Executive vice president of group benefits at the acquiror, Todd Katz noted: “Willing complements Hyatt Legal, our existing legal services offering, and positions us to lead the industry by offering customers more choices in how they address their estate planning needs.”
Shares in MetLife are yet to begin trading today, but closed at USD 48.94 on 20th November, with a market capitalisation of USD 45.01 billion.
Willing offers customers the ability to view documents online whenever they want, with privacy being an important part of its business plan.
MetLife is already in a similar field, offering insurance, annuities, employee benefits and asset management capabilities to more than 40 markets worldwide.
In the third quarter ended 30th September 2019, the group posted a 14.7 per cent increase in revenue to USD 18.68 billion (Q3 2018: USD 16.29 billion).
There have been 20 deals targeting document preparation service providers announced worldwide since the start of 2019, according to Zephyr, the M&A database published by Bureau van Dijk.
In the largest of these, Take Solutions is buying KAI Research, a US-based pharmaceutical research support services provider, for USD 27.00 million.
PS&C’s security division, ChromaDex, and Alatau po Razvitiyu Almatinskoy Oblasti, among others, have also been targeted in the year to date.
© Zephus Ltd