- The acquisition excludes PineBridge’s private equity funds group business and its joint venture in China
- The deal is expected to close in 2025
- PineBridge was founded in 1996 as the investment advisory and asset management business of AIG
MetLife Investment Management, MetLife’s institutional asset management business, has agreed to acquire PineBridge Investments, a New York-based asset manager, from the Pacific Century Group.
The transaction is comprised of $800 million in cash at closing, $200 million subject to achieving certain 2025 financial metrics and $200 million subject to a multi-year earnout.
The acquisition excludes PineBridge’s private equity funds group business and its joint venture in China.
Upon close, MIM’s total assets under management are expected to increase to over $700 billion.
“This transaction will add substantially to MIM’s already strong franchise by expanding our public and private credit offerings, including a robust leveraged finance platform, as well as extending our global capabilities,” said MetLife Chief Financial Officer and head of MetLife Investment Management John McCallion in a statement. “We are excited about these new capabilities and the additional ways MIM will be able to partner with clients.”
PineBridge was founded in 1996 as the investment advisory and asset management business of AIG and was later acquired in 2010 by Pacific Century Group.
This transaction is targeted to close in 2025.
BofA Securities is serving as financial advisor to MIM, and A&O Shearman is serving as its legal counsel. J.P. Morgan and Evercore are serving as financial advisors to PineBridge, and Davis, Polk & Wardwell is serving as its legal counsel.
Founded in 1868, US-based insurer MetLife has operations in more than 40 markets globally.
