MetLife Investment Management, a subsidiary of US insurer MetLife, has reached an agreement to acquire PineBridge Investments, a global asset management firm, from Pacific Century Group in a deal valued at up to $1.2bn, according to a report by Reuters.
The transaction includes an initial $800m cash payment, with an additional $200m contingent upon meeting specific financial targets for 2025. A further $20m is tied to a multi-year earnout structure, according to the New York-based company.
The acquisition does not include PineBridge’s private equity funds group business or its joint venture in China.
PineBridge, originally founded in 1996 as AIG’s investment advisory and asset management division, was acquired by Pacific Century Group in 2010.
