Private equity giant TPG and Aquarian Holdings, a Mubadala-backed financial investor, have advanced to the final bidding round for Brighthouse Financial, the $3.4bn US life insurer spun out of MetLife, according to a report by Reuters.
The report cites unnamed people familiar with the matter as revealing that the two bidders are now leading the race to acquire the entire company, with final offers due in early July, though timing could shift. Other parties, including Sixth Street and Jackson Financial, reportedly explored partial acquisitions but fell behind in the process.
Apollo Global Management, once seen as a strong contender given its deep insurance portfolio, notably chose not to submit a bid before the mid-June deadline.
A deal, if successful, would mark a platform-building opportunity for both remaining bidders. For TPG, the acquisition would represent a strategic push into insurance — an area where it currently lags peers. For Aquarian, which recently consolidated its insurance operations under Aquarian Insurance Holdings, Brighthouse could provide scale and operational leverage across asset management and insurance.
Brighthouse, headquartered in Charlotte, North Carolina, has reportedly been exploring a sale since early 2024.
