Dewey & LeBoeuf recently represented MetLife, Inc. in connection with a $2.97 billion public offering of common stock, and the concurrent offerings by AIG of $3.38 billion of MetLife’s common stock and $3.32 billion of the company’s common equity units.

Net proceeds from MetLife’s sale of its common stock were used to repurchase and cancel all outstanding shares of contingent convertible preferred stock which, just like the common stock and common equity units sold by AIG in the offerings, were issued to AIG as part of the consideration for MetLife’s $16.4 billion acquisition of ALICO.

According to the underwriters, this transaction ranked among the largest follow-on transactions ever completed, including those during the 2008-2009 period of financial crisis. The common stock offerings alone represented approximately 18 days of MetLife’s trading volume and approximately 14% of its total public float. The common equity unit offering was the 4th largest on record and, on an as-converted basis, increased the aggregate size of the offerings to approximately 21% of the company’s float.

MetLife is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 60 countries. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East.

The Dewey & LeBoeuf deal team included Partners John Schwolsky, Alex Dye, Vlad Nicenko and Robert Chung, and Associates Ben Nixon, Jennifer Tait, Ziyad Aziz, Sarita Pillai, Eric Cheung and Neal Taber. Partners Gordon Warnke, Art Hazlitt and Mark Caterini and Associates Andrew Morris and Bill Kellogg advised MetLife on the tax aspects of the transactions. Partner Allison Tam and Associate Dana Loguidice provided insurance regulatory advice, and Partner George Williams advised with respect to opinion matters.