We are advising PineBridge on the transaction

Davis Polk is advising PineBridge Investments on its acquisition by MetLife Investment Management, the institutional asset management business of MetLife, Inc., from the Pacific Century Group. The transaction is composed of $800 million in cash at closing, $200 million subject to achieving certain 2025 financial metrics and $200 million subject to a multi-year earnout. This transaction is targeted to close in 2025, subject to customary closing conditions, including regulatory approvals.

PineBridge was founded in 1996 as the investment advisory and asset management business of American International Group and was later acquired in 2010 by Pacific Century Group. PineBridge is a private, global asset manager focused on active, high-conviction investing.

MetLife Investment Management is a global public fixed income, private capital and real estate investment manager providing tailored investment solutions to institutional investors worldwide. MetLife Investment Management provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment and financing solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time.

The Davis Polk corporate team includes partner John D. Amorosi, counsel Ajay B. Lele and associates Ryan Olson and Natasha Shah. Partner Gregory S. Rowland, counsel Benjamin Milder and associate Harrison Perry are providing investment management advice. Partner Ethan R. Goldman is providing tax advice. Partner Adam Kaminsky and associate Emma C. Himes are providing executive compensation advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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