MetLife to acquire PineBridge Investments for $800M

MetLife (MET) Investment Management, the institutional asset management business of MetLife, announced that it has reached a definitive agreement to acquire PineBridge Investments. The transaction is comprised of $800M in cash at closing, $200M subject to achieving certain 2025 financial metrics and $200M subject to a multi-year earnout. The acquisition excludes PineBridge’s private equity funds group business and its joint venture in China. More than half of the client assets being acquired in the transaction held by investors outside of the U.S., and about one-third of the assets held in Asia. This transaction is targeted to close in 2025, subject to customary closing conditions, including regulatory approvals.