Corebridge Financial and Equitable Holdings have agreed to merge in an all-stock transaction that values the combined company at $22 billion, the companies announced.

The merger brings together two major financial services firms, combining their operations and market presence. Terms of the all-stock deal were not immediately disclosed beyond the overall valuation.

The transaction represents a significant consolidation move in the financial services sector, creating a larger entity with enhanced scale and capabilities. Both companies serve institutional and individual clients across various financial products and services.

The merger is subject to customary regulatory approvals and closing conditions. The companies have not disclosed an expected timeline for completion of the transaction.

Shares of both companies will be affected by the all-stock structure of the deal, though specific exchange ratios have not been publicly detailed. The combined entity is expected to operate under unified management following the completion of the merger.