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 limited 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, with Corebridge shareholders owning 51% and Equitable shareholders 49% of the new holding company.

• Corebridge shareholders receive 1.00000 new parent company share per Corebridge share; Equitable shareholders receive 1.55516 new parent company shares per Equitable share.

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

• Transaction expected to close by year-end 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.

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

• Additional revenue, capital, and tax synergies anticipated, with little risk of revenue dis-synergies.

• Revenue synergies from shifting $100 billion+ Corebridge AUM to AllianceBernstein and cross-distribution of products.