09:12 AM EST, 12/23/2024 (MT Newswires) -- 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 ( MET ) 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 ( MET ) shares were 1.5% higher in premarket trading.