Aquarian Capital has agreed to acquire Brighthouse Financial in a transaction valued at approximately $4.1 billion, marking a significant strategic move within the U.S. retirement and life insurance markets. Under the terms of the agreement, Brighthouse Financial stockholders will receive $70.00 per share in cash, representing a 37 percent premium to the company’s unaffected closing share price of $51.09 on January 27, 2025, as well as a 37.7 percent premium over its 90-day volume-weighted average share price as of November 5, 2025.
Brighthouse Financial, one of the largest providers of annuities and life insurance in the United States, will continue to operate under its existing name and brand following the closing of the transaction. The company will remain headquartered in Charlotte, North Carolina, and President and CEO Eric Steigerwalt will continue in his role. Brighthouse Financial will become a standalone business within Aquarian Capital’s portfolio.
Aquarian Capital plans to invest in Brighthouse Financial’s distribution capabilities, product development efforts, and investment management platform. The companies stated that the transaction is designed to support long-term growth and enhance value for customers, advisors, and stockholders. Aquarian Capital also intends to strengthen Brighthouse Financial’s investment strategy through a relationship with Aquarian Investments, its investment management platform.
The transaction is expected to close in 2026, subject to shareholder approval, antitrust clearance, and insurance regulatory approvals. Brighthouse Financial will file a Form 8-K with the U.S. Securities and Exchange Commission containing a summary and copy of the merger agreement. The deal is being funded with committed financing and does not require incremental debt financing at Brighthouse Financial or its insurance subsidiaries.
Under the merger terms, common stockholders will receive the agreed cash consideration per share. Preferred stockholders will retain their current shares, rights and dividend terms. Outstanding subordinated debentures and senior notes will remain outstanding obligations of Brighthouse Financial after the closing.
The Boards of Directors of both companies have approved the transaction, and Brighthouse Financial’s Board has recommended that its common stockholders vote in favor of the merger.
Advisors/counsel: RBC Capital Markets served as exclusive financial advisor to Aquarian Capital, with Skadden, Arps, Slate, Meagher & Flom serving as legal advisor. Wells Fargo and Goldman Sachs advised Brighthouse Financial, with Debevoise & Plimpton serving as legal advisor.
KEY QUOTES
“The acquisition of Brighthouse Financial aligns perfectly with our strategic focus on the United States retirement market, which represents a significant and growing opportunity. Brighthouse Financial has built a strong foundation, and we are excited to support the Company in its next phase of growth. We plan to preserve Brighthouse Financial’s disciplined and thoughtful approach to distribution, products and services while accelerating its strategy through continued investment and customer focus.”
Rudy Sahay, Founder and Managing Partner, Aquarian Capital
“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 United States, we’re 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. In addition, we believe this transaction will deliver clear and compelling value to our stockholders. We look forward to embarking on this next phase of our journey together with Rudy and Aquarian Capital.”
Eric Steigerwalt, President and Chief Executive Officer, Brighthouse Financial
