Equitable Holdings Inc. (NYSE: EQH) has announced the successful completion of its extended tender offer, spending approximately $761 million to acquire 19.8 million units of AllianceBernstein L.P.
The purchase increases Equitable’s ownership stake in the asset management firm to about 68.6%.
The acquired units represent roughly 17.9% of AllianceBernstein’s outstanding units as of December 31, 2024. Its final count of units purchased will be confirmed after the guaranteed delivery period and depositary processing are completed.
Payment will be made promptly following final confirmation.
“The final number of units to be purchased will be announced following the expiration of the guaranteed delivery period and completion by the depositary and paying agent of its confirmation process,” the company said in a statement.
Equitable initially launched a cash tender offer to acquire up to 46 million units for as much as $1.8 billion, offering up to $38.50 per unit, net of taxes. The offer period was extended from March 24 to April 1 to allow more unit holders to participate.
With this move, Equitable strengthens its control over AllianceBernstein, a key component of its investment management business. AllianceBernstein Holding L.P. is the publicly traded entity representing interests in the operating partnership managed by Equitable.
Equitable Holdings’ underwriting entities currently hold a Best’s Financial Strength Rating of A (Excellent), demonstrating the company’s stability amid the transaction.
Shares of Equitable Holdings were trading at $54.49 on the afternoon of April 2, up 4.21% from the prior close. AllianceBernstein Holding L.P. units rose 2.55% to $39.45 during the same trading session.
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