Corebridge, Equitable Announce $22 Billion All-Stock Merger to Create Financial Services Giant
CRBG is trading near its 52-week low of $22.32 (8.0% above the low).
Summary
Corebridge Financial and Equitable Holdings have announced a definitive agreement to combine in an all-stock merger, creating a financial services company valued at approximately $22 billion. This transformational deal will establish a leading retirement, life, wealth, and asset management firm with over 12 million customers and $1.5 trillion in assets under management. The companies anticipate the merger will be immediately accretive to earnings per share and cash generation, with over 10% accretion by the end of 2028, driven by more than $500 million in synergies. The combined entity aims for higher growth, a balanced revenue mix, and resilient earnings through enhanced scale and portfolio diversification. This significant event fundamentally alters the investment thesis for both Corebridge and Equitable Holdings (EQH). Investors will be watching for further details from the joint conference call scheduled for today.
At the time of this announcement, CRBG was trading at $24.10 on NYSE in the Finance sector, with a market capitalization of approximately $11.6B. The 52-week trading range was $22.32 to $36.57. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.