Private equity heavyweight TPG and Mubadala-backed Aquarian Holdings have reached the final stage in the bidding process for Brighthouse Financial, the $3.4bn US life insurer carved out of MetLife, according to sources cited by Reuters.

The two firms are now positioned as frontrunners to acquire the entire company, with final bids due in early July. While Sixth Street and Jackson Financial previously expressed interest in acquiring portions of the business, they have reportedly fallen out of contention.

Apollo Global Management, long considered a likely bidder given its expansive insurance portfolio, opted not to submit an offer ahead of the mid-June deadline.

A successful acquisition would mark a major strategic step for both suitors. TPG, which has been building out its financial services exposure, sees the deal as a potential cornerstone in a broader push into insurance — an area where it trails some of its private equity peers.

Aquarian, backed by Abu Dhabi’s Mubadala Investment Company, recently consolidated its insurance businesses under the Aquarian Insurance Holdings banner. Adding Brighthouse to the platform would provide both scale and integration opportunities across its insurance and asset management operations.

Brighthouse, based in Charlotte, North Carolina, began exploring a potential sale earlier in 2024.

Source: Reuters

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