Corebridge Financial and Equitable Holdings to merge in $22 billion all-stock deal

Corebridge Financial Inc. (NYSE: CRBG) and Equitable Holdings Inc. (NYSE: EQH) announced they have entered into a definitive agreement to combine in an all-stock merger valued at approximately $22 billion, based on closing stock prices as of March 25, 2026.

Under the merger terms, each Corebridge share will be exchanged for 1.0000 shares of the new parent company, while each Equitable share will be exchanged for 1.55516 shares of the new parent company. Following the transaction's completion, Corebridge shareholders will own approximately 51% of the combined company and Equitable shareholders will own approximately 49%.

The combined entity will operate under the Equitable name and trade under the "EQH" ticker symbol on the New York Stock Exchange. Marc Costantini, currently Corebridge's president and CEO, will serve as president and CEO of the merged company, while Mark Pearson, Equitable's current president and CEO, will serve as executive chair.

The transaction will create a company with more than 12 million customers and $1.5 trillion in assets under management and administration across retirement, life insurance, wealth management and asset management services. The companies expect to realize more than $500 million in run-rate expense synergies by the end of 2028.

The combined company will be headquartered in Houston, Texas, and will have a 14-member board of directors with seven representatives from each company. The transaction requires regulatory approvals and shareholder approval from both companies.

The merger is expected to close by year-end 2026, according to the companies' press release statement. Both companies plan to defer their respective 2026 annual shareholder meetings to allow for special meetings to vote on the merger.

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