Aquarian Capital and Brighthouse Financial have entered into a definitive merger agreement under which an affiliate of Aquarian Capital will acquire Brighthouse Financial for $70.00 per share in an all-cash transaction valued at approximately $4.1 billion.
The transaction is expected to close in 2026, subject to approval by Brighthouse Financial’s common stockholders, antitrust clearance, and insurance regulatory approvals.
Brighthouse Financial will continue to operate as a standalone entity within Aquarian Capital’s portfolio, with Eric Steigerwalt (pictured above, right) remaining as president and CEO and the company retaining its Charlotte, North Carolina headquarters and brand.
Rudy Sahay (pictured above, left), founder and managing partner of Aquarian Capital, said the acquisition fits with the company’s focus on the US retirement market. “The acquisition of Brighthouse Financial aligns perfectly with our strategic focus on the United States retirement market, which represents a significant and growing opportunity,” Sahay said.
Steigerwalt described the transaction as a new chapter for the company. “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,” Steigerwalt said.
The proposed acquisition followed public calls from Greenlight Capital, which owns about 4.9% of Brighthouse Financial’s outstanding stock, for the board to accept offer.
Greenlight Capital described the bid as a 55% premium to Brighthouse’s closing price late September, and urged the board to respond promptly, warning that it would seek to replace the board if the deal was not accepted.
The investment firm argued that Brighthouse’s stock had traded below book value and that the proposed transaction offered shareholders a more certain path to value than other strategic alternatives.
In the months leading up to the agreement, Brighthouse Financial reported a net loss available to shareholders of $294 million for the first quarter of 2025. This represented an improvement from a net loss of $519 million in the same period last year.
On an adjusted basis, the company posted earnings of $235 million compared to an adjusted loss of $98 million a year ago.
