Abu Dhabi-backed investment firm Aquarian Capital has announced an agreement to take private U.S.-based life insurance and annuity provider Brighthouse Financial in a USD 4.1 billion deal, concluding a prolonged process concerning the company’s future direction.
The all-cash transaction reinforces the growing influence of Middle Eastern wealth and investment funds within the U.S. financial services sector, as nations such as Saudi Arabia and the UAE continue to channel sovereign wealth into diversifying their economies beyond oil.
Under the agreement, Aquarian will pay USD 70 per share for Brighthouse, marking a 37% premium to its closing price on January 27, one day before reports of a potential sale surfaced.
Following the announcement, Brighthouse shares surged 26.7%, reaching their highest level in nearly eight years.
U.S. life insurance and annuity firms have consistently attracted acquisition interest due to their stable, recession-resistant business models and predictable, premium-driven revenue streams.
During the bidding process, Sixth Street, TPG, and Jackson Financial expressed interest with varying offers, while Apollo Global Management ultimately decided not to participate.
“This transaction gives Aquarian immediate relevance as an annuity player, a capability other bidders may have already possessed through their existing U.S. portfolio companies,” said David Hitsky, Partner at L.E.K. Consulting.
Aquarian, which focuses on insurance and asset management, is backed by investors including RedBird Capital Partners and Abu Dhabi’s Mubadala Capital—the asset management arm of the Mubadala state fund. Last year, Mubadala led a consortium to acquire a 68% stake in New York-based Fortress Investment Group.
In April, Mubadala Investment Company further expanded its U.S. presence through a USD 1 billion strategic partnership with Fortress to invest in private credit.
The acquisition marks the end of Brighthouse’s eight-year tenure as a publicly traded company following its 2017 spin-off from MetLife. The deal is anticipated to close in 2026.
