Mubadala- and Redbird-backed Aquarian Capital is acquiring US life insurer Brighthouse Financial private for USD 4.1 bn, with the allcash transaction valuing the stock at USD 70 per share, it said in a press release. The offer represents a 37% premium to its 27 January close — the day before media reports surfaced that Brighthouse was exploring a sale, Reuters reports. The sale is expected to be completed in 2026, the statement said.

Post-transaction: The takeover is still pending regulatory, antitrust, and stockholder clearance, but is slated to be completed next year. Brighthouse Financial will keep its same leadership and keep its brand, operating within Aquarian’s portfolio as a separate entity.

The target? Brighthouse, whose almost USD 120 bn in assets are 9x the size of Aquarian’s, was founded in 2017 and saw its cost-heavy variable annuity offerings scare off some possible buyers, Bloomberg reports. Names like Blackstone and Apollo had all pulled out.

Where does Mubdala come in? In 2024 Aquarian raised nearly USD 1.5 bn in equity from Mubdala, along with other investors, to expand into sectors like ins., private credit, and real estate. At the time, Mubdala called the investment “the beginning of a long-term, strategic alliance.” It later invested USD 700 mn in Aquarian Holdings, and in in September Aquarian was in late-stage talks with Mubadala Capital, the Qatar Investment Authority and other investors to secure more than USD 3 bn in equity to back the Brighthouse takeover. At the time, Aquarian had reportedly lined up debt financing from RBC, Nomura, and Société Générale, but was facing delays amid a lengthy diligence process.

A trendy takeover: The sale, the process for which took almost an entire year, follows a trend of Gulf firms eyeing takeovers of US financial services players, particularly in the ins. sector, as they diversify away from oil revenues.

ADVISORS- Aquarian tapped RBC Capital Markets as financial advisor, Skadden, Arps, Slate, Meagher & Flom as counsel, and Milliman, Inc. and Oliver Wyman as actuarial advisors. Brighton Financial appointed Wells Fargo and Goldman Sachs & Co. for financial advice, Milliman, Inc. for actuarial advice, and Debevoise & Plimpton for counsel.

IN OTHER MUBADALA NEWS-

Uber is in talks with Mubadala to take over Getir’s delivery business: Uber is holding preliminary talks with Mubadala Investment Company — the main backer of Istanbul-based delivery platform Getir — over a possible takeover of the Turkish firm, Bloomberg reports, citing sources familiar with the matter. An acquisition could be valued at up to USD 1 bn and would likely involve Getir’s delivery operations, while its financial services unit could also be sold separately. No final agreement is guaranteed and other bidders may still come in.

Not the first Getir unit out for Mubadala: The sovereign wealth fund sold Getir’s car rental subsidiary Getir Arac last month amid an ongoing power struggle between Mubadala and Getir’s founders on restructuring plans after the Turkish firm struggled with a plummeting valuation and cashburn. Mubadala had previously sought full ownership of its core delivery unit, which co-founder Nazim Salur opposed.

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