The deal consideration includes $800m cash at closing, and another $400m contingent on future financial and earnout targets.

The asset management arm of U.S. insurer giant MetLife has agreed to buy PineBridge Investments from Hong Kong billionaire Richard Li's Pacific Century Group (PCG) in a deal valued at up to $1.2 billion,

US insurer MetLife Inc. is nearing a deal to buy PineBridge Investments’ assets outside of China from Hong Kong billionaire Richard Li’s Pacific Century Group, according to people familiar with the matter.

The deal between the U.S. insurer and a company owned by Hong Kong billionaire Richard Li is expected to close in 2025.

MetLife Investment Management, a subsidiary of U.S. insurer MetLife 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.

The $800 million deal includes assets PineBridge has outside of China and would extend MetLife's asset management business.