Aquarian Capital LLC entered a merger agreement on November 6, 2025, to acquire Brighthouse Financial, Inc. (BHF) in a deal valued at $4.1 billion.
Each issued and outstanding share of Brighthouse Financial common stock will be entitled to receive $70 in cash, representing a premium of 35.14% from the stock’s last close.
Brighthouse Financial is one of the largest U.S. providers of annuities and life insurance, offering products that help individuals protect their wealth, secure income, and achieve long-term financial stability.
Aquarian Capital is an investment management firm that provides insurance and asset management solutions, offering tailored financing and investment opportunities across diverse sectors. The firm and its affiliates manage approximately $25.6 billion in assets under management.
In January, the Financial Times reported that Brighthouse Financial was seeking to sell itself. The stock was trading at $51.09 when it was revealed that Brighthouse was working with bankers at Goldman Sachs and Wells Fargo to consider offers for the whole company.
The deal is expected to close in 2026.
Brighthouse Financial received financial advice from Wells Fargo and Goldman Sachs, and legal counsel from Debevoise & Plimpton. Aquarian Capital was advised by RBC Capital Markets and received legal counsel from Skadden, Arps, Slate, Meagher & Flom.
Aquarian Capital is paying 0.68 times the tangible book value of Brighthouse Financial.
For more in-depth analysis of this merger and acquisition, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of Brighthouse Financial, Inc. (BHF) by Aquarian Capital LLC
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Editor’s Note: Baranjot Kaur contributed to this article