Aquarian Capital has agreed to acquire US insurer Brighthouse Financial in a $4.1bn all-cash transaction, marking one of the year’s largest private equity-led takeovers in the insurance sector.

The Abu Dhabi-backed investment firm will pay $70 per share, representing a 37% premium to Brighthouse’s stock price before reports of a potential sale earlier this year. The deal, expected to close in 2026, will take Brighthouse private after more than eight years on the public market.

“The acquisition of Brighthouse Financial aligns perfectly with our strategic focus on the United States retirement market, which represents a significant and growing opportunity,” said Rudy Sahay, founder and managing partner of Aquarian.

The move highlights the growing role of private capital in the insurance industry, where long-term premium-based cash flows and strong liquidity profiles have made life insurers attractive to alternative investors.

Aquarian, which focuses on insurance and asset management investments, is backed by RedBird Capital Partners and Abu Dhabi’s sovereign fund Mubadala. The deal also extends the Gulf region’s expanding influence across the US financial services landscape.

Mubadala has been an active investor in the sector, having partnered with Fortress Investment Group earlier this year in a $1bn private credit initiative following its majority acquisition of Fortress in 2024.

Charlotte-based Brighthouse was spun out of MetLife in 2017 and has become one of the largest providers of annuities and life insurance in the US. CEO Eric Steigerwalt will continue to lead the company after the transaction closes.

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