Corebridge Financial (NYSE: CRBG) and Equitable Holdings Inc. (NYSE:EQH) on Thursday announced a definitive agreement to merge in an all-stock transaction, creating a retirement, life, wealth, and asset management company with approximately $1.5 trillion in assets under management and administration.
The deal values the combined company at roughly $22 billion based on each company’s closing stock price on March 25, 2026.
The merger will bring together Corebridge, Equitable, and AllianceBernstein, aiming to serve more than 12 million customers through a diversified portfolio that includes individual and group retirement, asset and wealth management, life insurance, and institutional markets.
According to the companies, the combination is expected to offer expanded distribution capabilities, increased scale, and enhanced portfolio diversification.
The companies expect the transaction to be immediately accretive to earnings per share and cash generation, with accretion projected to exceed 10% by the end of 2028.
Synergies from the merger are estimated at more than $500 million by the same period, primarily from the consolidation of functions, IT systems, and vendor relationships.
Under the terms of the agreement, Corebridge shareholders will own approximately 51% of the combined company, while Equitable shareholders will hold about 49%. The merged company will operate under the Equitable name and ticker symbol “EQH” on the New York Stock Exchange, with headquarters in Houston, Texas.
Marc Costantini, CEO of Corebridge, said the merger positions the combined company for “accelerated growth across retirement, life, and institutional markets” and creates a “balanced and resilient business well positioned to serve customers.”
Mark Pearson, CEO of Equitable, described the transaction as “transformational,” noting the potential to offer clients broader access to investment and retirement solutions.
Costantini will serve as CEO, Robin Raju, CFO of Equitable, will serve as CFO, and Pearson will take on the role of Executive Chair.
The transaction is expected to close by year-end 2026.
Shares of Corebridge and Equitable were both little changed on the news, trading hands at $24 and $38, respectively.