Corebridge Financial, Inc., an American multinational financial services company, and Equitable Holdings, Inc., a financial services holding company, have entered into a definitive agreement to merge in an all-stock merger that will value the combined company at approximately US$22 billion based on the closing prices of each company as of March 25, 2026.
The merger aims to create a massive retirement, life, wealth and asset management company with enhanced distribution capabilities, scale and diversified investment portfolios. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, the parties will form a new parent company.
The combined company will reportedly manage and manage $1.5 trillion in assets across individual and group retirement, asset management, wealth management, life insurance and institutional markets.
In addition, each outstanding share of Corebridge common stock will be exchanged for the right to receive 1.0000 shares of new parent common stock, and each outstanding share of Equitable common stock will be exchanged for the right to receive 1.55516 shares of new parent common stock.
The transaction is expected to close by the end of 2026, subject to customary closing conditions, including receipt of required regulatory approvals and approval by both companies’ shareholders. Following this, Corebridge shareholders will own approximately 51% of the combined company and Equitable shareholders will own approximately 49% of the combined company.
Upon completion of the transaction, the combined company will operate under the Equitable name and brand and trade on the New York Stock Exchange under the Equitable ticker symbol “EQH.”
The new company will be led by Corebridge’s current president and chief executive officer (CEO) Marc Costantini, who will hold the same two positions in the combined company. Equitable Chief Financial Officer Robin Raju will also serve in the same role in the combined company.
The combined company will be headquartered in Houston, Texas, and its board of directors will consist of 14 members, including seven directors designated by each company.
Board members include Costantini and Mark Pearson, who will serve as executive chairs of the combined company, while Corebridge Chairman Alan Colberg will serve as lead independent director on the combined company’s board. The companies confirmed that the full list of directors will be announced before the transaction closes.
The combined company will expand capabilities across multiple asset classes and is expected to transfer more than $100 billion of Corebridge’s general and separate account assets to Equitable’s AllianceBernstein over time. The new company is expected to generate operating profits of more than $5 billion and generate more than $4 billion in cash.
Equitable President and CEO Pearson commented: “This is a transformative transaction that brings together three outstanding franchises – Corebridge, Equitable and AllianceBernstein – to create a diversified financial services company uniquely positioned to serve customers and create long-term value for shareholders.
“By combining complementary capabilities and scale, we will enhance what we can offer our clients – with more choice, a broader range of investment and retirement solutions and the strength of an industry leader and a stronger balance sheet to support our commitment. I am excited about the future and look forward to working closely with Marc Costantini and the combined company’s Board of Directors to shape the new company. Together we will leverage the strengths of both companies to enhance the service we provide to our clients and shareholders.”
Costantini added: “The combined company will benefit from a strong competitive position and accelerated growth in the retirement, life and institutional markets, as well as asset and wealth management. With a world-class multi-channel distribution network and an expanded offering of innovative products, we will create a balanced and resilient business to serve our customers.
“Together, we will continue to support financial professionals and institutions to help individuals plan, save and achieve a secure financial future. Importantly, upon completion, the transaction is expected to deliver compelling value to shareholders, including immediate accretion to earnings per share and cash generation, increasing to more than 10% by the end of 2028. I have great respect for the business that Mark Pearson and the Equitable team have built and believe that our cultural alignment will enhance our ability to execute successfully.”
Nippon Life Insurance Company President Satoshi Asahi said: “The proposed merger is strategically attractive and has the potential to create a more competitive and resilient platform for the long-term benefit of the combined company’s shareholders. Nippon’s three representatives who serve on Corebridge’s board of directors voted in favor of the transaction. Nippon is expected to remain a long-term strategic investor.”
Corebridge’s financial advisor was Morgan Stanley & Co. LLC, Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor, and Joele Frank, Wilkinson Brimmer Katcher served as strategic communications advisor.
Equitable’s financial advisor is Goldman Sachs & Co. LLC, its legal advisor is Paul, Weiss, Rifkind, Wharton & Garrison LLP, and its strategic communications advisor is Kekst CNC.
Independent teams from Oliver Wyman and Deloitte served as advisors to each company.
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