Met Life Buys 10% of CS First Boston
From Associated Press
NEW YORK —
CS First Boston Co. said Wednesday that Metropolitan Life Insurance Co. has bought about 10% of the investment firm.
The value of the sale was not disclosed by the privately held New York investment firm. It said the shares being sold are part of a 30.5% holding of Saudi Arabian investor Suliman Olayan.
CS First Boston was formed in a $1.1-billion merger of First Boston Inc. and Financiere Credit Suisse-First Boston of London.
“The transaction is a strategic investment which we expect will substantially extend our global reach as part of our long-range plan to develop a worldwide business . . . capability,” Met Life Chairman Robert G. Schwartz said.
