MassMutual Sells 18% Stake in Barings to MS&AD for $1.44 Billion

Simpson Thacher represented Massachusetts Mutual Life Insurance Company (MassMutual) in connection with the transaction. MassMutual announced the sale of an 18% equity stake in Barings LLC, a global asset management firm, to MS&AD Insurance Group Holdings, Inc., through its subsidiary Mitsui Sumitomo Insurance Co., Ltd., for $1.44 billion. The transaction is subject to customary closing conditions and is expected to be completed in the first half of 2026. As part of the agreement, MS&AD will provide growth capital to support Barings in pursuing its long-term growth strategy. Barings will also expand its existing relationship with MS&AD by managing assets within MS&AD’s general investment account, which is intended to strengthen and diversify MS&AD’s investment portfolio and provide greater access to Barings’ global public and private markets capabilities. A member of MS&AD’s leadership team will join Barings’ Board of Managers. Simpson Thacher represented Massachusetts Mutual Life Insurance Company (MassMutual) with a team composed by: Elizabeth Cooper, Matthew Rogers, Samyel Lee, Michael Lazris and Celine Tseng (M&A); Jonathan Goldstein and George Rhein (Tax); Jamin Koslowe and Nicolas Deguines (Executive Compensation and Employee Benefits); Lori Lesser and Christian Bond (Intellectual Property); Ryan Bekkerus (Capital Markets); Étienne Renaudeau, Kelly Karapetyan, Henry Llewellyn, Luke Cowdell and Krystian Kmita (Antitrust); and Owen Lysak, David Blass, Meredith Abrams and Laura Wallace (Funds Regulatory).

MassMutual Sells 18% Stake in Barings to MS&AD for $1.44 Billion

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