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Financial Services · Merger · Retirement · Wealth Management
Corebridge Financial and Equitable Holdings announced a definitive agreement to combine in an all-stock merger valued at approximately $22 billion, creating a retirement, life, wealth, and asset management company with over 12 million customers and $1.5 trillion in assets under management and administration.
Corebridge shareholders will own approximately 51% of the combined entity, with Equitable shareholders owning 49%. The combined company expects to deliver over $5 billion in operating earnings and generate more than $4 billion in cash, with the transaction immediately accretive to earnings per share and cash generation, increasing to over 10% by the end of 2028.
Management anticipates more than $500 million in run-rate expense synergies by the end of 2028, primarily from consolidating functions, IT systems, and vendor partners. The new entity projects an adjusted return on equity exceeding 15% by the end of 2027.
Over $100 billion of Corebridge’s assets will shift to AllianceBernstein, Equitable’s majority-owned subsidiary. The combined company will operate under the Equitable name and brand, trading as EQH on the NYSE, and will be headquartered in Houston, Texas.
Marc Costantini will serve as President and CEO, Robin Raju as CFO, and Mark Pearson as Executive Chair. The transaction is expected to close by year-end 2026, pending regulatory and shareholder approvals.
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Corebridge, Equitable Merge: $22 Billion Retirement Giant Forms(current)
