US insurer MetLife acquires PineBridge Investments in up to $1.2 bln deal (updated)

Metlife

23/12/2024 13:54

(Adds details from the statement throughout)
       Dec 23 (Reuters) - 
    MetLife Investment Management, a subsidiary of U.S. insurer
MetLife  MET.N  said on Monday it has agreed to buy PineBridge
Investments, a global asset manager, from Pacific Century Group
in a deal valued at up to $1.2 billion. 
    The deal, valued at up to $1.2 billion, includes an $800
million upfront cash payment, with an additional $200 million
contingent on meeting specific 2025 financial targets and a
further $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.
  
        
  

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by
tasim Zahid)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))