MetLife IM to Acquire PineBridge in $1.2B Deal

MetLife Investment Management (MIM), the institutional asset management division of MetLife, Inc., has agreed to acquire PineBridge Investments, a global asset manager with over $100 billion in assets under management, from the Pacific Century Group.

The transaction consists of $800 million in cash at closing, $200 million contingent upon meeting specific financial benchmarks in 2025, and $200 million dependent on a multi-year earnout. The transaction excludes PineBridge’s private equity funds group and its joint venture in China. Upon completion, MIM’s total assets under management are anticipated to exceed $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 CFO and head of MIM John McCallion.

The acquisition will enhance MIM’s global presence, with more than half of client assets being acquired from investors outside the U.S., and approximately one-third of the assets in Asia.

The acquisition will provide MIM with a collateralized loan obligation platform, a multi-asset business, a global array of equity strategies, direct lending, and European real estate operations, all of which complement the firm’s current strengths.

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.