(Reuters) -MetLife Investment Management, a subsidiary of U.S. insurer MetLife (NYSE:) 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 (NYSE:)’s investment advisory and asset management business, was later acquired in 2010 by Pacific Century Group.