Aquarian Capital to acquire Brighthouse Financial in $4.1B deal

Private equity firm Aquarian Capital has agreed to acquire Brighthouse Financial, a major provider of life insurance and annuities, in an all-cash transaction valued at approximately $4.1 billion, or $70 per share.

The cash value of the deal, announced Thursday, represents a roughly 35% premium over Brighthouse’s closing price Wednesday and is expected to close in 2026, pending shareholder and regulatory approvals.

The transaction is the latest in a series of moves by private equity firms to acquire US life insurers over recent years. That trend, led by Apollo Global's acquisition of Athene announced in 2021, has been driven by the search for stable capital and the opportunity to expand investment management capabilities.

Aquarian, which has grown through a string of insurance acquisitions since its founding in 2017, plans to operate Brighthouse as a standalone entity within its portfolio. Eric Steigerwalt will remain president and chief executive, and the company will continue to be based in Charlotte, North Carolina.

Aquarian’s founder and managing partner, Rudy Sahay, said the acquisition fits with the firm’s “strategic focus on the United States retirement market, which represents a significant and growing opportunity.”

He added that Aquarian intends to “preserve Brighthouse Financial’s disciplined and thoughtful approach to distribution, products and services while accelerating its strategy through continued investment and customer focus.”

Brighthouse, which was spun off from MetLife in 2017, is among the largest annuity and life insurance providers in the country. According to LIMRA’s Q2 2025 annuity sales rankings, the annuity provider netted $4.87 billion in total annuity sales in the first half of the year, placing it 16th among US providers. The company also ranked fifth in variable annuity sales, with $4.23 billion, reflecting its strength in that segment.

The acquisition also comes as insurers and asset managers seek new ways to address Americans’ concerns about retirement security. Brighthouse has partnered with BlackRock to develop an in-plan investment product that combines a target date fund strategy with guaranteed income options. The solution, available to defined contribution plan participants starting at age 59 and a half, uses annuity contracts issued by Brighthouse and Equitable to provide a steady, paycheck-like income in retirement.

In a recent op-ed with Barron's, Sachin Shah, CEO of annuity provider Brookfield Wealth Solutions underscored the imperative to expand access to annuities in retirement plans, which was also cited in President Donald Trump's August executive order pushing for more alternative investment options for 401(k) investors.

"If Trump’s executive order leads to the removal of barriers for plan fiduciaries, the availability of annuities in 401(k)s could help introduce a broader menu of options customized for accumulation and decumulation," Shah wrote in his Barron's piece.

Steigerwalt described the deal with Acquarian as “an exciting new chapter for Brighthouse Financial,” noting it is the result of a process initiated by the board earlier this year. He added that the company is “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.” 

The merger consideration will be funded with committed financing, and Aquarian said the receipt of financing is not a condition for completing the transaction. Brighthouse will retain its name and brand following the acquisition.