MetLife (MET) unit MetLife Investment Management confirmed Monday that it has agreed to acquire PineBridge Investments from Pacific Century Group in a deal valued at up to $1.2 billion.
Under the terms, the MetLife unit will pay $800 million in cash at closing, $200 million on the achievement of certain 2025 financial metrics and $200 million subject to a multi-year earnout.
The deal, slated to close in 2025, excludes PineBridge's private equity funds business and its Chinese joint venture, MetLife Investment said.
MetLife shares were 1.5% higher in premarket trading.
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