MetLife IM to Acquire PineBridge from Pacific Century for $1.2B

PineBridge Investments is set to change hands as Metlife Investment Management announced entering into a definitive agreement to acquire the $100B global asset manager. 

The potential value of the deal, which will transition ownership from Pacific Century Group, could reach $1.2B, composed of $800M cash at closing, $200M subject to achieved 2025 financial targets, and another $200M based on multiyear performance. 

Metlife said the deal is expected to close in 2025 and will increase the total AUM of its institutional asset management business to over $700B while expanding its global footprint. The deal will further diversify Metlife’s platform as it integrates PineBridge’s multiasset and global funds platform, including its CLO, direct lending, and European real estate businesses. 

BofA Securities served as financial advisor and A&O Shearman as legal advisor to Metlife, while JP Morgan and Evercore served as financial advisors for PineBridge, with Davis, Polk & Wardwell serving as legal advisors. PineBridge’s private equity funds business and joint venture in China are not included in the transaction.