What's Happening?
Aquarian Capital LLC, a diversified global holding company, has announced a definitive merger agreement to acquire Brighthouse Financial, Inc. for $70.00 per share in an all-cash transaction valued at approximately $4.1 billion. This acquisition aligns
with Aquarian Capital's strategic focus on the U.S. retirement market. Brighthouse Financial, a major provider of annuities and life insurance in the United States, will continue to operate as a standalone entity within Aquarian Capital's portfolio. The transaction is expected to close in 2026, pending customary closing conditions, including stockholder and regulatory approvals.
Why It's Important?
The acquisition of Brighthouse Financial by Aquarian Capital is significant as it underscores the growing focus on the U.S. retirement market, which presents substantial opportunities for growth. This move is expected to enhance Brighthouse Financial's ability to serve its customers and distribution partners by leveraging Aquarian Capital's investment management capabilities. The deal also promises to deliver value to Brighthouse Financial's stockholders, with a 37% premium over the unaffected share price. The transaction could potentially lead to increased innovation and product development in the annuities and life insurance sectors.
What's Next?
Following the completion of the transaction, Brighthouse Financial will continue to be headquartered in Charlotte, North Carolina, with Eric Steigerwalt remaining as President and CEO. Aquarian Capital plans to invest in Brighthouse Financial's platform and enhance its product offerings. The merger is subject to approval by Brighthouse Financial's stockholders and regulatory bodies. The company will file a proxy statement with the SEC, and the transaction is expected to close in 2026.
