Corebridge Financial and Equitable Holdings Announce $22 Billion Merger

Corebridge Financial, Inc. and Equitable Holdings, Inc. have entered into a definitive agreement to merge in an all-stock transaction valued at approximately $22 billion. This merger aims to create a diversified financial services powerhouse that will manage over $1.5 trillion in assets and serve more than 12 million customers across various sectors, including retirement, life insurance, wealth management, and asset management.

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Under the terms of the merger, each outstanding share of Corebridge common stock will be exchanged for one share of the new parent company’s common stock, while each share of Equitable common stock will be exchanged for approximately 1.55516 shares. Following the merger, Corebridge shareholders will own about 51% of the combined entity, while Equitable shareholders will hold roughly 49%. The new company will operate under the Equitable brand and will be headquartered in Houston, Texas.

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Marc Costantini, currently the CEO of Corebridge, will lead the combined organization as President and CEO. Mark Pearson, CEO of Equitable, will serve as Executive Chair, and Robin Raju, Equitable's CFO, will take on the same role in the new entity. The board of directors will consist of 14 members, evenly split between directors from both companies.

Corebridge and Equitable to merge in $22 billion stock deal

The merger is projected to generate over $5 billion in operating earnings and more than $4 billion in cash flow annually. The companies anticipate achieving more than $500 million in annual expense synergies by the end of 2028, primarily through the consolidation of technology systems and corporate functions. Additionally, the deal is expected to be immediately accretive to earnings per share, with growth projected to exceed 10% by the end of 2028.

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Executives from both companies have framed the merger as a transformational step that enhances their competitive position in the financial services market. Mark Pearson emphasized the merger's potential to unite Corebridge, Equitable, and AllianceBernstein, creating a diversified platform capable of meeting the growing demand for retirement and wealth management solutions. Costantini noted that the combined entity will benefit from a strong distribution network and an expanded offering of innovative products.

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Despite the optimistic outlook, the merger faces several hurdles, including regulatory approvals and shareholder consent. Equitable must secure client consents representing 75% of a specific revenue pool as part of the merger agreement. Additionally, both companies have set a breakup fee of $475 million should the deal not proceed.

Corebridge, Equitable Seal $22 Billion All-Stock Merger to Create New U.S. Retirement Giant

The transaction is expected to close by the end of 2026, pending customary regulatory approvals and shareholder votes from both companies. As the financial services landscape evolves, this merger represents a significant shift, positioning the combined entity for enhanced growth and stability in the competitive market.

Corebridge Financial and Equitable Holdings Reveal Transformative Merger

“Together, we will continue to support financial professionals and institutions in helping individuals plan, save for and achieve secure financial futures.” — Marc Costantini, President and CEO of Corebridge

Corebridge Financial and Equitable Holdings announce merger

“This is a transformational transaction that brings together three outstanding franchises – Corebridge, Equitable, and AllianceBernstein – to create a diversified financial services company uniquely positioned to serve customers and deliver long-term value for shareholders,” — Mark Pearson, President and CEO of Equitable

Corebridge, Equitable strike $22B all-stock merger to create retirement and wealth giant

“The proposed merger is strategically compelling and has the potential to create a more competitive and resilient platform for the long-term benefit of the combined companies’ shareholders.” — Satoshi Asahi, President of Nippon Life Insurance Company

Corebridge Financial and Equitable Holdings announce merger