Aquarian Capital Acquires Brighthouse Financial

Aquarian Capital LLC, a New York-based holding company with insurance and asset management portfolios, announced Thursday  a merger agreement with the insurance company Brighthouse Financial Inc. An affiliate of Aquarian Capital will acquire Brighthouse Financial for $70 per share in an approximately $4.1 billion all-cash transaction.

Brighthouse Financial will continue to operate as a stand-alone entity under Aquarian Capital, and Eric Steigerwalt will continue as Brighthouse’s president and CEO. The company will keep its name, brand and headquarters in Charlotte, North Carolina.

Aquarian Capital  plans to invest in Brighthouse Financial’s platform and distribution franchise while enhancing product design, development and innovation, according to the announcement. Aquarian Investments, Aquarian Capital’s investment management platform, plans to bolster Brighthouse Financial’s investment management capabilities.

“The acquisition of Brighthouse Financial aligns perfectly with our strategic focus on the U.S. retirement market, which represents a significant and growing opportunity,” said Rudy Sahay, Aquarian Capital’s founder and managing partner, in a statement. “We plan to preserve Brighthouse Financial’s disciplined and thoughtful approach to distribution, products and services while accelerating its strategy through continued investment and customer focus.”

The transaction is expected to close in 2026 and is subject to customary closing conditions, including approval by Brighthouse Financial’s common stockholders. Brighthouse Financial’s board of directors unanimously approved the merger and resolved to recommend that its common stockholders vote to approve it.

As of June 30, Aquarian Capital had approximately $25.6 billion in assets under management.