– MetLife Investment Management (MIM) has agreed to acquire PineBridge Investments for a total potential transaction value of $1.2 billion:
– $800 million in cash at closing.
– $200 million contingent on achieving 2025 financial metrics.
– $200 million based on a multi-year earnout.
– The acquisition excludes PineBridge’s private equity funds group and China joint venture.
– Aligned with MetLife’s New Frontier strategy to prioritize accelerating asset management growth.
– MIM’s total assets under management (AUM) expected to exceed $700 billion post-acquisition.
– Broadens public and private credit offerings, including a **leveraged finance platform.
– Adds a collateralized loan obligation (CLO) platform, multi-asset business, and global equity strategies.
– Expands presence in direct lending and European real estate.
– Over half of the acquired client assets are held by non-U.S. investors. Approximately one-third of the assets are held in Asia.
– Michel A. Khalaf, MetLife President & CEO: “The acquisition furthers our ambition to accelerate growth in asset management through complementary inorganic expansion.”
– John McCallion, MetLife CFO: “This transaction will significantly enhance MIM’s franchise and create new opportunities to partner with clients globally.”
– Gregory Ehret, PineBridge CEO: “Joining MIM’s platform strengthens our ability to deliver value to clients and drive long-term success.”
– PineBridge was founded in 1996 as part of AIG, acquired by Pacific Century Group in 2010.
– Transaction expected to close in 2025, subject to regulatory approvals.
– MIM advisors: Bank of America Securities (financial), A&O Shearman (legal).
– PineBridge advisors: J.P. Morgan, Evercore (financial), Davis Polk & Wardwell LLP (legal).
