Aquarian Capital is set to acquire Brighthouse Financial in a deal valued at about $4.1 billion. The agreement, announced on November 7, 2025, involves Aquarian purchasing Brighthouse shares for $70 each in an all-cash offer.
The deal is expected to wrap up sometime in 2026. However, it still needs approval from Brighthouse’s common stockholders and regulatory clearance, including antitrust and insurance regulators.
Even after the acquisition, Brighthouse Financial will keep running on its own within Aquarian’s group. Eric Steigerwalt will stay on as president and CEO, and the company will keep its headquarters in Charlotte, North Carolina, along with its brand.
Rudy Sahay, founder and managing partner of Aquarian Capital, said the acquisition fits well with the company’s aim to grow in the U.S. retirement market. He noted that this is a big opportunity as the retirement sector keeps expanding.
The move follows pressure from Greenlight Capital, which owns almost 5% of Brighthouse’s stock. Greenlight had pushed Brighthouse’s board to accept Aquarian’s offer, saying it was a great deal for shareholders. They pointed out the offer was about 55% higher than Brighthouse’s share price in September and warned they might try to replace the board if the deal wasn’t accepted.
Brighthouse has had some financial struggles recently. In early 2025, the company reported a net loss of $294 million, which was an improvement from a bigger loss the previous year. When adjusting for some factors, Brighthouse actually posted earnings of $235 million, compared to a loss the year before.
Eric Steigerwalt called the agreement a new chapter for the company, signaling a fresh start after a process that began with the board earlier this year. The acquisition looks set to bring Brighthouse into a new phase while keeping much of its current leadership and operations intact.