Corebridge and Equitable to Form $22 Billion Retirement Powerhouse with $1.5 Trillion AUM
Corebridge Financial and Equitable Holdings will merge in a $22 billion all-stock transaction, valuing each Corebridge share at 1.0000 and each Equitable share at 1.55516 new parent shares. The combined firm will oversee $1.5 trillion in assets under management, target $500 million in cost synergies, and project over $5 billion operating earnings, accretive to EPS.
1. Merger Agreement and Valuation
Corebridge Financial and Equitable Holdings have agreed to merge in an all-stock transaction valued at $22 billion, with Corebridge shareholders receiving 1.0000 shares and Equitable shareholders 1.55516 shares of the new parent company. Post-close ownership will be split roughly 51% to Corebridge and 49% to Equitable investors.
2. Combined Company Metrics and Financial Targets
The unified firm will service over 12 million customers and manage $1.5 trillion in assets across retirement, wealth, insurance and institutional markets. It anticipates delivering more than $5 billion in operating earnings, generating over $4 billion in cash, achieving $500 million of annual cost synergies by 2028 and exceeding a 15% adjusted return on equity by 2027.
3. Leadership and Governance
Marc Costantini will serve as president and CEO of the combined entity, Robin Raju as CFO and Mark Pearson as executive chair. The board will consist of 14 directors, evenly appointed by each firm, with Alan Colberg as lead independent director.