MetLife Investment Management, a subsidiary of U.S.-based insurance giant MetLife, has agreed to acquire PineBridge Investments from Pacific Century Group (PCG), owned by Hong Kong billionaire Richard Li.
MetLife announced on Tuesday that its asset management division will purchase PineBridge in a deal valued at up to $1.2 billion. The acquisition aligns with MetLife’s strategy to strengthen its asset management capabilities and reflects an industry-wide trend among insurers to leverage assets to build specialized investment platforms.
Currently, MetLife’s portfolio includes a variety of assets, such as public bonds, private equity, and real estate investments. As of September 30, MetLife manages $609.3 billion in assets, and with this acquisition, that total is expected to exceed $700 billion.
The terms of the deal include an initial cash payment of $800 million, with an additional $400 million to be paid if certain financial targets are met by 2025.
Pacific Century Group expressed optimism about the deal, stating that MetLife’s expansive platform and long-standing reputation would position PineBridge well for global growth and continued value delivery to its clients.
It is important to note that the acquisition excludes PineBridge’s private equity group and its joint ventures in China.
PineBridge, initially established in 1996 as AIG’s investment advisory and asset management arm, was acquired by PCG for $277 million in 2010.
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