A unit of Aquarian Capital will acquire Brighthouse Financial in a $4.1 bn all-cash transaction, positioning the life and annuity carrier to continue operating as a standalone entity under new ownership.
Aquarian will pay $70 per share, according to the announcement. Brighthouse, spun off from MetLife Financial in 2017, had long faced speculation about a potential sale but consistently declined to comment through most of 2025.
The company abruptly canceled its scheduled Nov. 7 earnings call, offering no further statement beyond confirmation of the deal.
Brighthouse’s recent financial performance has been uneven. It reported a $294 mn net loss to shareholders in the first quarter, narrower than the $519 mn loss a year earlier, before returning to profitability in the second quarter with $60 mn in net income on $871 mn in revenue. Total assets stood at $242.65 bn.
Earlier this year, Brighthouse said it might explore reinsurance transactions or private capital partnerships to improve efficiency – a signal that strategic changes were already on the table.
The acquisition of Brighthouse Financial aligns perfectly with our strategic focus on the U.S. retirement market, which represents a significant and growing opportunity
Rudy Sahay, founder and managing partner of Aquarian Capital
Rudy Sahay said the company plans to preserve Brighthouse’s “disciplined approach to distribution, products and services” while accelerating growth through new investment and stronger customer engagement.
Eric Steigerwalt, Brighthouse’s president and CEO, said the deal caps months of board discussions. “This transformative transaction marks an exciting new chapter for Brighthouse Financial,” he said, adding that the company will maintain its headquarters in Charlotte, North Carolina, and he will remain in his current role.
Aquarian Capital, founded in 2017, has expanded rapidly, managing $25.6 bn in assets across insurance and investment businesses.
Under the agreement, Aquarian will also strengthen Brighthouse’s investment management operations through a partnership with Aquarian Investments, its own asset management arm.
The transaction is expected to close in 2026, subject to stockholder approval, regulatory clearance, and antitrust review.
We think the move signals Aquarian’s ambition to anchor itself deeper in the U.S. life and annuity sector. For Brighthouse, it’s less a takeover and more a lifeline – one that promises capital stability, investment expertise, and breathing room in a market that’s been punishing standalones.
