MetLife Funding Administration (MIM), the institutional asset administration enterprise of US insurance coverage large MetLife, has agreed to accumulate asset administration firm PineBridge Investments from Pacific Century Group in a transaction price as much as $1.2 billion.
The transaction value consists of $800 million in money at closing and a further $400 million contingent on future monetary targets and earnouts.
Nonetheless, the deal doesn’t embrace PineBridge’s non-public fairness fund group or its three way partnership in China.
As soon as finalized, MIM’s property underneath administration are anticipated to exceed $700 billion.
Michel Khalaf, Chairman and CEO of MetLife, mentioned: “The acquisition of PineBridge Investments reinforces our ambition to speed up development in asset administration.
“MetLife Funding Administration is on monitor to develop its enterprise organically, complemented by focused and complementary inorganic development.
Greater than half of PineBridge’s consumer property are held by buyers exterior the USA, with a couple of third in Asia.
The acquisition may even introduce new capabilities to MIM, together with a collateralized mortgage obligation platform, a multi-asset enterprise and a set of worldwide fairness methods.
John McCallion, MetLife Chief Monetary Officer and Head of MetLife Funding Administration, mentioned: “This transaction will considerably add to MIM’s already sturdy franchise by increasing our private and non-private credit score choices, together with a powerful leveraged finance platform. , in addition to increasing our world capabilities.
“We’re enthusiastic about these new capabilities and the brand new methods MIM will be capable to companion with its prospects. »
PineBridge, established in 1996 as a part of AIG, was later acquired by Pacific Century Group in 2010. It presently manages roughly $100 billion in property.
The deal is anticipated to shut in 2025, topic to regulatory approvals.
BofA Securities and A&O Shearman are serving as monetary advisor and authorized advisor, respectively, to MIM.
JP Morgan, Evercore and Davis, Polk & Wardwell advise PineBridge.
Final 12 months, MIM acquired US-based various funding agency Raven Capital Administration.
“MetLife Indicators Settlement to Purchase Asset Supervisor PineBridge” was initially created and printed by International Private Bankera model owned by GlobalData.
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