BUZZ-AllianceBernstein jumps as financial services firm Equitable set to boost stake

Shares of investment management firm AllianceBernstein AB.N jump as much as 7.4%; last up 6.6% at $38.1

Financial services firm Equitable Holdings EQH.N is looking to raise its stake in AB after striking a new reinsurance deal that will unlock more than $2 billion of cash

EQH has commenced a tender offer to purchase up to 46 million units of AB at $38.50/share, a 7.8% premium to the last close

Transaction deepens EQH's focus on high-growth businesses such as asset management

Three-fourths of EQH's in-force individual life insurance business is being reinsured by Reinsurance Group of America RGA.N

A successful tender offer will boost EQH's stake in AB to as much as 77.5% from 61.9%

EQH stock up 4.3% at $53.38 after rising as much as 6.6%

As of last close, AB and EQH shares down 3.7% and up 8.9% YTD, respectively