Corebridge Financial to Buy Back $110 Million of Stock From Argon Holdco at $34.09 a Share
Corebridge Financial agreed to buy back an estimated $110 million of its common stock directly from stockholder Argon Holdco LLC, at $34.09 a share, according to an 8-K filed Monday.
The price equals Corebridge's closing price on the New York Stock Exchange on Nov. 6, 2026, the day the two sides signed the share repurchase agreement. The company expects to complete the purchase on Nov. 10, subject to customary closing conditions.
The agreement, filed as an exhibit to the 8-K, fixes the aggregate purchase amount at $110,032,293. Argon will sell the number of shares equal to that amount divided by the purchase price, rounded up to the nearest share, which works out to 3,227,700 shares at $34.09.
Why Argon is selling
The sale ties back to a stockholders agreement dated Nov. 2, 2021 among Corebridge, American International Group and Argon, as amended in March 2024. Under that agreement, Argon has the right to sell shares into any Corebridge or AIG buyback so that its ownership of record does not exceed 9.9% of Corebridge's outstanding common stock.
The same agreement lets Corebridge repurchase shares without Argon's prior written consent as long as the buyback would not leave Argon owning more than 14.9%.
In the new agreement, Argon acknowledges that open-market and other Corebridge repurchases could lift its stake above 9.9%, but not above 14.9%. Corebridge, in turn, agreed to use its best efforts to monitor Argon's ownership percentage and to confirm in writing that any future repurchase will not, on a pro forma basis, push Argon above 14.9%.
Deal terms
Closing depends on each side's representations and warranties remaining true and correct in all material respects. Corebridge represented that it will remain solvent immediately after the repurchase. Argon will pay any stamp, stock transfer and similar duties, and each side covers its own costs. The agreement can be terminated before closing only by mutual written consent.
The 8-K does not say how the repurchase relates to any broader buyback program.
Sources
- Corebridge Financial Form 8-K with Share Repurchase Agreement with Argon Holdco LLC (Exhibit 10.1), filed Nov. 9, 2026 (accession 0001889539-26-000162)
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