AllianceBernstein jumps as financial services firm Equitable set to boost stake

Alliancebernstein Holding LP

24/02/2025 16:44

** 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

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))