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Kekst CNC represents Equitable Holdings as it combines with Joele Frank client Corebridge Financial via an all-stock merger that values the company at $22B.
The merged entity will serve more than 12M customers and manage $1.5T in assets across retirement, wealth management, life insurance and institutional markets.
Equitable CEO Mark Pearson said teaming with Corebridge brings “complementary capabilities and scale, we will enhance what we can deliver for clients—more choice, broader access to investment and retirement solutions and the strength of an industry leader with a stronger balance sheet standing behind our promises.”
Marc Costantini, Corebridge chief, said joining Equitable creates "a world-class, multi-channel distribution network and an expanded offering of innovative products, we will create a balanced and resilient business well positioned to serve customers.”
Corebridge shareholders will control 51 percent of the new parent company, while Equitable investors will own the balance.
The combined company, which will take on the Equitable name and be led by Costantini, is expected to deliver more than $5B in operating earnings and generate $4B-plus in cash. It will also achieve $500M in cost savings by the end of 2028.
The transaction will close by the end of the year.
Kekst CNC has Liz Cohen, Nicholas Capuano, James Hartwell, Jayson Pitagorsky and Nina Theisen repping Equitable.
Joele Frank, Wilkinson Brimmer Katcher handles strategic communications duties for Corebridge.
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