'Brighthouse Financial Is In Talks With Sixth Street For Sale At Roughly $55 Per Share; Brighthouse Reached Impasse With Aquarian Holdings In Late-September Over Funding Structure; Brighthouse Deal With Sixth Street Would Value Insurer At Roughly $3.1B' - Reuters Exclusive

Author: Benzinga Newsdesk | October 16, 2025 11:58am

• Sixth Street is in talks to buy Brighthouse for roughly $55/share
• Brighthouse held negotiations with Aquarian, but efforts fizzled
• Sixth Street deal would value Brighthouse at around $3.1 billion, end long-running saga over insurer's future

NEW YORK, Oct 16 (Reuters) - Brighthouse Financial BHF.O is in talks to be bought by money manager Sixth Street after negotiations with Aquarian Holdings cooled last month, three people familiar with the matter said.

Deal negotiations with Sixth Street and its insurance affiliate, Talcott, were revived in recent days after Brighthouse spent weeks in exclusive talks with Aquarian. The Brighthouse board ultimately did not like the funding proposal with Aquarian's final bid, the sources said. Aquarian, an insurance and asset management-focused investment firm, is backed by Abu Dhabi state fund Mubadala and RedBird Capital Partners.

Sixth Street's offer for Brighthouse is worth roughly $55 per share, two of the sources added, which would value Brighthouse at around $3.14 billion. While that would be a discount to the Aquarian proposal of nearly $70 per share, which Reuters reported last month, the price would be a roughly 14% premium to Brighthouse's closing share price on Wednesday.

The sources cautioned that no deal between Sixth Street and Brighthouse was guaranteed, and the talks could end without an agreement. They spoke on condition of anonymity to discuss confidential deliberations.

Sixth Street, Brighthouse, and Talcott declined to comment. Aquarian did not respond to a comment request.

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