Equitable, Corebridge Plan to Merge in All-Stock Deal (1)

US insurers Equitable Holdings Inc. and Corebridge Financial Inc. are set to merge in an all-stock deal valuing that combined business at $22 billion.

The retirement, asset and wealth management giant would be called Equitable and manage $1.5 trillion in assets, with more than 12 million customers, according to a statement Thursday. Corebridge Chief Executive Officer Marc Costantini will be the head of the combined entity, while Equitable’s Mark Pearson will become executive chairman.

Corebridge had a market value of about $12 billion as of close on Wednesday, while Equitable had a capitalization of roughly $11 billion. The deal is ...