MetLife has emerged as the most likely buyer after outbidding rivals including other asset managers and financial institutions, the people said. The exclusivity period will allow the New York-based insurer to finalise details of a potential agreement over the coming weeks, they said.
US insurer MetLife is in advanced talks to buy PineBridge Investments’ assets outside of China, people familiar with the matter said, in a deal that could be valued at US$1 billion ($1.32 billion) to US$1.5 billion.
The talks are exclusive for assets under management amounting to about US$100 billion, the people said, asking not to be identified because the matter is private. PineBridge is majority owned by Hong Kong billionaire Richard Li’s holding company, Pacific Century Group (PCG).
