Aquarian Capital LLC, an insurance and asset management company, Thursday announced that its affiliate has entered into a definitive agreement to acquire Brighthouse Financial, Inc. (BHF), an insurance company for $70.00 per share or $4.1 billion in a cash deal.
Brighthouse Financial common stock will receive $70.00 per share in cash, a a premium of 37 percent to the share price of $51.09 at closing on January 27, 2025, and is also a premium of 37.7 percent over Brighthouse Financial's 90-day volume-weighted average price as of November 5, the last trading before the announcement of this acquisition.
Following the closing of this transaction, expected 2026, Brighthouse Financial will operate as a stand-alone entity within the Aquarian Capital portfolio with the same name and brand with Eric Steigerwalt continuing as the executive chief.
"The acquisition of Brighthouse Financial aligns perfectly with our strategic focus on the United States retirement market, which represents a significant and growing opportunity," said Rudy Sahay, Founder and Managing Partner of Aquarian Capital.
RBC Capital Markets is serving as exclusive financial advisor, Skadden, Arps, Slate, Meagher & Flom LLP is serving as the legal advisor for Aquarian Capital.
Wells Fargo and Goldman Sachs & Co. LLC are serving as financial advisors, with Debevoise & Plimpton LLP is serving as legal advisor for Brighthouse Financial.
In pre-market activity, BHF shares are trading at $65.38, up 26.22% on the Nasdaq.
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