Corebridge Financial and Equitable Holdings have agreed to merge in a $22 billion transaction, exchanging each Corebridge share for 1.0000 shares of the combined company and each Equitable share for 1.55516 shares. The deal values Corebridge equity based on current share counts and is expected to close by year-end pending regulatory approvals.

Under the merger, Corebridge shareholders will own approximately 51% of the combined company, with Equitable shareholders holding the remaining 49%. This majority stake gives Corebridge investors primary equity interest and influence over the governance of the new entity.

Halper Sadeh LLC has launched an investigation into the merger’s terms on behalf of Corebridge shareholders, citing potential breaches of fiduciary duty and concerns that insiders may benefit more than ordinary investors. The firm may seek enhanced consideration, additional disclosures or other remedies if it finds the proposed deal restricts superior competing offers.