Financial services companies Corebridge Financial and Equitable Holdings have agreed to merge in an all-stock deal valued at $22 billion. The merger will create a new parent company that will operate under the Equitable name and brand. Corebridge CEO Marc Costantini will lead the combined entity, while Equitable CFO Robin Raju will serve as CFO.

Under the terms of the deal, Corebridge shareholders will own 51% of the merged company, with Equitable shareholders receiving 1.55516 shares of the new company's stock for each share they hold. The transaction represents a significant consolidation in the insurance and financial services sector, combining two major players in retirement and wealth management.

This merger comes as financial services firms seek scale to compete in an evolving market. The combined company will leverage Corebridge's insurance expertise and Equitable's retirement solutions to create a more comprehensive offering for clients. The deal values each company's contributions to the partnership and positions the merged entity for growth in a competitive industry.