US activist hedge fund Greenlight Capital has called on Brighthouse Financial Inc to move forward with a potential sale to Aquarian Holdings, in a deal that would value the insurer at around $70 per share, according to a report by Bloomberg.

Greenlight, which holds a 4.9% stake in Brighthouse, said it would also consider participating in a financing of the company if it goes private.

In a letter to Brighthouse’s board, David Einhorn, Greenlight’s president, said a sale at the proposed price would be in shareholders’ best interests, noting it would likely deliver more value than alternative options such as asset sales, reinsurance deals, or a refreshed business plan. He praised Aquarian’s track record in previous insurance acquisitions and signalled confidence in Brighthouse’s potential as a private company.

Brighthouse has been exploring strategic options throughout 2025, and a transaction could be confirmed this week, according to unnamed Bloomberg sources familiar with the discussions.