Aquarian Strikes $4.1 Billion Deal for Insurer Brighthouse (2)

Aquarian Holdings agreed to buy insurer and annuity provider Brighthouse Financial Inc. for $4.1 billion in cash.

The transaction values Brighthouse at $70 a share, Aquarian said in a statement Thursday, or about 35% more than the closing price on Wednesday.

“The acquisition of Brighthouse Financial aligns perfectly with our strategic focus on the United States retirement market, which represents a significant and growing opportunity,” Aquarian Managing Partner Rudy Sahay said in the statement.

In recent years, private equity firms have been acquiring US life insurers to tap their stable capital and bolster their own investment capabilities. That strategy has ...