TPG and Aquarian Holdings Emerge as Final Bidders for Brighthouse Financial

BHF
October 04, 2025

Financial Times reported on June 25, 2025, that TPG and Aquarian Holdings have emerged as the final bidders in the process to acquire Brighthouse Financial. This development significantly narrows the field of potential acquirers for the U.S. life insurance and annuity provider.

The report indicated that the offers from these two firms were at a small premium to Brighthouse's market value. Several other major investment firms, including Blackstone, Apollo, Carlyle, and Sixth Street, either withdrew from the bidding process or submitted lower offers.

This stage of the acquisition process suggests a potential change in ownership for Brighthouse Financial. The company has been exploring strategic options, including a sale, since January 2025, and this marks a critical step in that process.

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