International law firm Simmons & Simmons has advised global asset manager PineBridge Investments on the non-US aspects of its acquisition by MetLife.
The $1.2bn acquisition from the Pacific Century Group is composed of $800m in cash at closing, $200m subject to achieving certain 2025 financial metrics, and $200m subject to a multi-year earnout. The deal is set to complete in 2025, subject to closing conditions.
Founded in 1996, PineBridge has over $200bn in assets under management.
MetLife Investment Management is a global public fixed income, private capital and real estate investment manager.
The Simmons team advising PineBridge was led by partner and head of the firm’s UK corporate group, Arthur Stewart, supported by Partner Ania Rontaler and Of Counsel Kim Farrar.
Of Counsel Tristram Lawton acted as UK regulatory lead, assisted by associate Precious Akegbejoe, with further support on private funds aspects from Partner Matt Pitman, Partner Charles Vermeylen and managing associate Ben Vickers. Additional international support was provided by Partners Adam Wolstenholme and Muneer Khan (Dubai) and Partner Jochen Kindermann (Germany).
US firm Davis Polk acted as lead transaction counsel.
Arthur Stewart commented: “It has been rewarding to support PineBridge Investments on another major transaction. Assembling a multi-disciplinary, cross-border team, we drew on our extensive experience in asset management and investment funds to navigate the complex non-US aspects of this significant global deal. This transaction exemplifies our international expertise in transactions for funds and acting for regulated clients in regulated sectors.”