Corebridge Financial, Equitable Holdings to Merge in $22B Deal Creating $1.5T AUM Firm
Corebridge Financial and Equitable Holdings are merging in a $22 billion all-stock transaction to create a firm managing $1.5 trillion in assets and serving 12 million customers. The deal is expected to deliver over 10% EPS accretion by 2028 and generate $500 million in synergies, with a 51/49 ownership split.
1. Merger Details
Corebridge Financial and Equitable Holdings have agreed to merge in a $22 billion all-stock transaction, combining their retirement, life insurance, wealth and asset management businesses into a single entity with $1.5 trillion in assets under management and administration.
2. Strategic Rationale
The combined company will serve over 12 million customers across individual and group retirement, asset and wealth management, life insurance and institutional markets, aiming to expand distribution capabilities and enhance portfolio diversification.
3. Financial Impact
The merger is expected to be immediately accretive to earnings per share, with accretion projected to exceed 10% by the end of 2028 and deliver more than $500 million in annual synergies through consolidated functions, IT systems and vendor relationships.
4. Governance and Timeline
Under the agreement, Corebridge shareholders will own approximately 51% of the combined company and Equitable shareholders 49%. The merged entity will operate under the Equitable name, be headquartered in Houston and is slated to close by year-end 2026.