Abu Dhabi-backed investment firm Aquarian Capital has reached an agreement to acquire U.S.-based life insurance and annuity provider Brighthouse Financial in a $4.1 billion all-cash transaction, marking the conclusion of extended discussions over the company’s future.

The acquisition reflects the growing presence of Middle Eastern investment funds in the U.S. financial services sector, as nations such as Saudi Arabia and the UAE continue to diversify their economies beyond oil.

Under the terms of the deal, Aquarian will purchase Brighthouse shares for $70 each, a 37% premium on the company’s closing price as of January 27, the day before reports of a possible sale surfaced. Following the announcement, Brighthouse shares surged by 26.7%, reaching their highest level in almost eight years.

Life insurance and annuity firms in the U.S. have traditionally attracted investor interest due to their stable revenue streams and consistent, premium-based cash flows. During the sale process, several potential buyers, including Sixth Street, TPG, and Jackson Financial, made varying offers, while Apollo Global Management opted not to submit a bid.

“This deal gives Aquarian immediate relevance as an annuity player, which may not have been a need for other potential buyers who already have portfolio companies in the U.S. market,” said David Hitsky, partner at L.E.K. Consulting.

Aquarian is a holding company focused on insurance and asset management, backed by investors including RedBird Capital Partners and Mubadala Capital, the asset management arm of Abu Dhabi’s state fund. Mubadala previously led a consortium that acquired a 68% stake in New York-based Fortress Investment Group last year.

Earlier in April, Mubadala Investment Company entered into a $1 billion strategic partnership with Fortress to invest in private credit.

Brighthouse, which was spun off from MetLife in 2017, ends more than eight years as a publicly traded company through this acquisition. The transaction is expected to close in 2026.