Brighthouse Financial (BHF) Surges 27% on $4.1B Aquarian Capital Buyout
Brighthouse Financial shares soared nearly 27% to $65.75 after agreeing to a $4.1 billion all-cash acquisition by Abu Dhabi-backed Aquarian Capital. The deal at $70 per share represents a 37% premium to January's closing price, marking one of 2024's largest insurance-sector takeovers by a private firm.
The life insurer, spun off from MetLife in 2017, will retain its brand and CEO post-transaction. Aquarian Capital's $25.6 billion portfolio focuses on insurance and asset management, with backing from Abu Dhabi's sovereign wealth fund. Regulatory approvals could extend the closing timeline to 2026.