Aquarian Capital’s affiliate is set to acquire US-based life insurance and annuity provider Brighthouse Financial in an all-cash transaction valued at approximately $4.1bn.
Brighthouse Financial’s shareholders will receive $70 per share.
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The deal, formalised through a definitive merger agreement, is expected to conclude in 2026 pending regulatory and shareholder approvals.
Upon completion, Brighthouse Financial will operate as a stand-alone company within Aquarian Capital’s portfolio.
Brighthouse Financial’s current CEO and president, Eric Steigerwalt, is expected to remain in his position, and the company will retain its name, brand and North Carolina headquarters.
The purchase price represents a 37% premium over Brighthouse Financial’s closing share price of $51.09 on 27 January 2025, as well as a 37.7% premium over the company’s 90-day volume-weighted average price as of 5 November 2025.
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By GlobalDataAquarian Capital has outlined plans to support Brighthouse Financial’s platform and distribution network and aims to enhance product innovation and investment management through collaboration with its investment management platform, Aquarian Investments.
Brighthouse Financial’s Board of Directors has granted unanimous approval for the merger agreement and recommended that shareholders vote in favour of the deal.
The transaction is subject to customary closing conditions including antitrust clearance and insurance regulatory approvals.
Steigerwalt said: “This transformative transaction marks an exciting new chapter for Brighthouse Financial and is the culmination of a process initiated by our Board of Directors earlier this year.
“As one of the largest providers of annuities and life insurance in the US, we are thrilled to partner with Aquarian Capital to continue to deliver on our mission of helping people achieve financial security through our best-in-class distribution franchise, as well as our innovative suite of Shield annuity products, and our work with BlackRock on LifePath Paycheck.”
RBC Capital Markets is acting as exclusive financial advisor to Aquarian Capital, with Skadden, Arps, Slate, Meagher & Flom providing legal counsel, and Milliman and Oliver Wyman serving as actuarial advisors.
Wells Fargo and Goldman Sachs & Co are advising Brighthouse Financial on the transaction, along with legal advisor Debevoise & Plimpton and actuarial advisor Milliman.
