(Reuters) -MetLife Investment Management, a subsidiary of U.S. insurer MetLife ( MET ) said on Monday it has agreed to buy PineBridge Investments, a global asset manager, from Pacific Century Group in a deal valued at up to $1.2 billion.

The deal, valued at up to $1.2 billion, includes an $800 million upfront cash payment, with an additional $200 million contingent on meeting specific 2025 financial targets and a further $200 million tied to a multi-year earnout structure, the New York-based company said.

The acquisition excludes PineBridge's private equity funds group business and its joint venture in China.

PineBridge, founded in 1996 as AIG's investment advisory and asset management business, was later acquired in 2010 by Pacific Century Group.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by tasim Zahid)