Brighthouse Financial, Inc. (BHF) announced that its common stockholders voted to adopt the definitive merger agreement with Aquarian Capital on February 12, 2026. The all‑cash transaction values BHF at roughly $4.1 billion, giving shareholders $70.00 in cash per share upon consummation, a premium of about 55% over the company’s closing price in late September 2025.
The definitive merger agreement was signed on November 6, 2025, but the stockholder approval—required to consummate the deal—occurred on February 12, 2026. The transaction is expected to close in 2026, subject to customary closing conditions and regulatory approvals, and will transition BHF from a publicly traded insurer to a privately held entity under Aquarian Capital’s ownership.
Aquarian Capital, an affiliate of Aquarian Capital LLC, is a private‑equity firm focused on the U.S. retirement market. The acquisition aligns with its strategy to invest in and grow retirement‑related businesses. Brighthouse will continue to operate as a standalone entity, retaining its name, brand, and headquarters, and President and CEO Eric Steigerwalt will remain in his role.
Brighthouse’s financial performance in the months leading up to the deal has been mixed. In Q1 2025 the company reported a net loss of $294 million, an improvement from a $519 million loss in the same period the previous year. In Q2 2025, adjusted earnings were $198 million, down from $245 million in Q1 2025 and $346 million in Q2 2024, and the alternative‑investments portfolio yielded only 1.5%, far below the long‑term expectation of 9‑11%. These results illustrate the margin compression and revenue volatility that prompted the strategic turnaround.
Management emphasized the significance of the transaction. Eric Steigerwalt said, "This transformative transaction marks an exciting new chapter for Brighthouse Financial and is the culmination of a process initiated by our board of directors earlier this year." He added, "With this approval, we are one step closer to embarking on the next chapter of our company as we continue to deliver on our mission of helping people achieve financial security." Aquarian’s Rudy Sahay noted, "The acquisition of Brighthouse Financial aligns perfectly with our strategic focus on the United States retirement market, which represents a significant and growing opportunity."
Aquarian plans to invest in Brighthouse’s platform, distribution, product development, and investment‑management capabilities, aiming to accelerate growth and enhance value. The deal is part of a broader trend of private‑equity firms acquiring U.S. life insurers to leverage stable capital and expand investment‑management opportunities.
The transaction represents a significant shift for Brighthouse, which was spun off from MetLife in 2017. By moving to private ownership, the company can pursue long‑term strategic initiatives without the pressures of quarterly earnings disclosure, while Aquarian’s resources and focus on retirement markets are expected to support Brighthouse’s growth prospects.
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