Brighthouse Financial Nears Privatization as Aquarian Capital Wins Broad Shareholder Backing

Brighthouse US10922N1037

The privatization of Brighthouse Financial is moving closer after shareholders on Thursday gave a decisive thumbs-up to the proposed takeover by Aquarian Capital Holdings. The cash offer stands at $70.00 per share, and the enterprise value is cited at roughly $4.1 billion. The stock, however, finished at $63.95 a share in yesterday?s session.

• Buyer: Aquarian Capital Holdings
• Offer: $70.00 per share (cash)
• Enterprise value: about $4.1 billion
• Approval rate: 99.7% of votes cast
• Last close: $63.95 yesterday

Strong investor backing

Shareholders? approval exceeded many market expectations. About 99.7% of the votes cast supported the merger agreement. Approximately 70% of the 57.2 million voting shares were represented at the extraordinary general meeting. Specifically, 39.7 million shares voted in favor, while a little over 50,000 voted against. The broad consensus highlights the appeal of Aquarian?s proposal, which provides a sizable premium relative to the price levels observed after the initial announcement in late 2025.

Regulatory path and arbitrage dynamics

Even with shareholder consent, the transaction remains subject to standard regulatory review. In particular, the insurance regulators in Delaware, New York, and Massachusetts must approve the deal. The stock?s close at $63.95 yesterday underscores the remaining uncertainties and the timing risk until final closing. The gap between the offer and the current share price reflects the typical arbitrage spread that accounts for potential delays or conditions imposed by regulators. The companies currently expect to complete the transaction later in 2026.

Earnings notice and lack of an investor call

In line with the takeover process, Brighthouse Financial is slated to report its fourth-quarter and full-year 2025 results in the week of February 23. Because of the pending deal, management has announced there will be no earnings conference call for analysts or investors. This approach is common for firms nearing a privatization, as leadership focuses on near-term execution of the privatization and the regulatory timetable.

What comes next

Following regulatory clearance, the transaction would be finalized and Brighthouse Financial?s shares would be delisted. The timetable hinges on the speed of U.S. regulator approvals; once those approvals are in place, the final settlement and delisting can proceed.