US insurer MetLife acquires PineBridge Investments in up to US$1.2 billion deal

METLIFE Investment Management, a subsidiary of US insurer MetLife said on Monday (Dec 23) that it has agreed to buy PineBridge Investments, a global asset manager, from Pacific Century Group in a deal valued at up to US$1.2 billion.

The deal includes an US$800 million upfront cash payment, with an additional US$200 million contingent on meeting specific 2025 financial targets and a further US$200 million tied to a multi-year earnout structure, the New York-based company said.

The acquisition excludes PineBridge’s private equity funds group business and its joint venture in China.

PineBridge, founded in 1996 as AIG’s investment advisory and asset management business, was later acquired in 2010 by Pacific Century Group. REUTERS