By Rasmus Sjögren, Haris Jasarevic, Alexander Henje and Nikolas Kakona (Stockholm School of Economics) Photo: Nick Page (Unsplash) Overview of the deal Acquirer: Aquarian Holdings Target: BrightHouse Financial Total Transaction Size: $4.1 Billion Closed date: Announced on November 6, 2025, expected to close in 2026 Target advisor: Wells Fargo and Goldman Sachs & Co. LLC (financial), Debevoise & Plimpton LLP (legal) Milliman, Inc. (actuarial) Acquirer advisor: RBC Capital Mar