Equitable (EQH) M&A announcement summary

Deal rationale and strategic fit

• Merger creates a diversified financial services leader with over 12 million customers and $1.5 trillion in assets under management and administration, offering enhanced scale and portfolio diversification.

• Combines complementary strengths in retirement, life insurance, asset management, and wealth management, with minimal overlap and enhanced distribution capabilities.

• Integrated business model enables full value chain capture as manufacturer, distributor, and asset manager.

• Shared mission and cultural alignment to empower families for secure financial futures and expand holistic wealth planning.

• Strategic partnerships with AllianceBernstein, Blackstone, and BlackRock expand asset origination, management, and global distribution, with plans to shift over $100 billion of assets to AllianceBernstein.

Financial terms and conditions

• All-stock merger values the combined company at approximately $22 billion based on March 25, 2026, closing prices.

• Corebridge shareholders will own 51% and Equitable shareholders 49% of the new holding company; Corebridge shares exchanged for 1.00000 new parent company share, Equitable shares for 1.55516 new parent company shares.

• All debt and preferred stock to be structurally pari passu and converted to new parent company instruments.

• Corebridge is the accounting acquirer.

• Transaction expected to close by end of 2026, subject to regulatory and shareholder approvals.

Synergies and expected cost savings

• Over $500 million in annual pre-tax expense synergies targeted by end of 2028, about 10% of combined expense base, mainly from consolidation of functions, IT systems, and vendor partners.

• 30% of synergies expected in first year post-close, 75% within 24 months, and 100% run-rate benefit by end of 2028.

• Revenue synergies anticipated from cross-selling products, asset management, and shifting $100B+ Corebridge AUM to AllianceBernstein.

• Additional capital and tax synergies expected to drive double-digit EPS and cash flow accretion by 2028.