Corebridge gains after announcing $22 billion all‑stock merger with Equitable

Shares of insurer Corebridge CRBG.N up 2.36% premarket

Co announces merger with peer Equitable EQH.N, creating a $22 billion U.S. retirement, life insurance and asset management company

Combined company to have more than $1.5 trillion in assets under management

Each outstanding share of CRBG will be exchanged for 1 share of the new company, while each EQH share will be exchanged for 1.55516 shares of the new firm

Corebridge was formed by an AIG AIG.N spin-off via IPO in 2022

Morgan Stanley advised Corebridge, while Goldman Sachs advised Equitable