Brighthouse Financial agrees to $4.1 billion buyout by Aquarian Capital

📊 Insurance News Analysis: Our editorial team has analyzed recent developments from insurancebusinessmag.com in the Insurance sector. This report covers key insights related to car insurance, life insurance, health insurance and emerging industry trends that professionals should monitor closely.

Latest findings in the Insurance field suggest important shifts ahead. By Kenneth Araullo
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. Data shows that the transaction is expected to close in 2026, subject to approval by Brighthouse Financial’s common stockholders, antitrust clearance, and insurance regulatory approvals.

Sources indicate that 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. Evidence suggests that rudy Sahay (pictured above, left), founder and managing partner of Aquarian Capital, stated 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 stated. Read more: Greenlight Capital urges Brighthouse to embrace Aquarian acquisition
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 stated. 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. Read next: Brighthouse Financial reports first-quarter financial results
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.

As the situation continues to develop, industry participants in Insurance will likely monitor outcomes closely.

— Based on reporting from insurancebusinessmag.com

💡 Key Industry Insights

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