NEW YORK -- MetLife says it will pay about $2 billion to buy the largest private pension fund administrator in Chile, as the insurer and annuity provider seeks to build its presence in emerging markets.

The New York company plans to conduct a public cash tender offer for all shares of AFP Provida SA. The bank BBVA has agreed to transfer its stake of more than 64 percent in the company to MetLife as part of the deal.

MetLife Inc. says it expects the deal to close in the third quarter, and the acquisition should begin adding to its operating earnings this year. It will pay for the deal using its existing cash balances.