Home / Business and Economy / Corebridge and Equitable Unite in $22B All-Stock Merger
Corebridge and Equitable Unite in $22B All-Stock Merger
26 Mar
Summary
- Corebridge and Equitable merger values the combined company at $22 billion.
- The new entity will operate under the Equitable name and brand.
- Combined assets under management will reach $1.5 trillion.
Financial services firms Corebridge Financial and Equitable Holdings have reached an agreement to merge in an all-stock transaction valued at $22 billion. This merger will establish a new parent company, which will retain the Equitable name and brand.
Under the terms of the agreement, Corebridge shareholders will receive one share of the new parent company's stock for each Corebridge share. Equitable shareholders will receive 1.55516 shares of the new company's stock for each Equitable share. Consequently, Corebridge shareholders are expected to own 51% of the combined entity, with Equitable shareholders holding the remaining 49%.
Marc Costantini, currently CEO of Corebridge, will lead the combined company as CEO, while Robin Raju, CFO of Equitable, will serve as CFO. The merger is designed to cultivate a leading retirement, life, wealth, and asset-management business, promising expanded scale, a more diversified operational mix, and increased opportunities for cross-selling services.
The consolidated entity will boast approximately $1.5 trillion in assets under management and administration. This significant transaction is projected to be completed by the end of the current year.
