AllianceBernstein National Municipal Income Fund, Inc. and AllianceBernstein Global High Income Fund, Inc. Announcement Regarding Planned Merger of Equitable and Corebridge

Equitable Holdings, Inc. (EQH) and Corebridge Financial, Inc. have announced a definitive agreement to merge, with the transaction anticipated to close by the end of 2026, pending regulatory approvals and shareholder consent. The financial terms of the deal have not been disclosed. This merger marks a significant development in the financial services sector, particularly affecting the investment advisory agreements associated with the AllianceBernstein Funds, which are managed by EQH's subsidiary, AllianceBernstein L.P.

Equitable Holdings, a prominent player in the financial services industry, holds a majority stake in AllianceBernstein L.P., an investment adviser responsible for managing several closed-end funds, including the AllianceBernstein Global High Income Fund and the AllianceBernstein National Municipal Income Fund. Corebridge Financial, a leading provider of insurance and retirement solutions, aims to leverage this merger to enhance its service offerings and expand its market presence. The strategic rationale behind this merger is likely centered on creating synergies between the two firms, allowing for a more comprehensive suite of financial products and services to meet the evolving needs of clients.

The merger will have implications for the investment advisory agreements of the AllianceBernstein Funds. Under the Investment Company Act of 1940, the merger will trigger an automatic termination of the existing investment advisory agreements between the funds and AllianceBernstein. Consequently, the Boards of Directors for each fund will need to consider new investment advisory agreements, which, if approved, will be presented to shareholders for their consent. This process underscores the regulatory complexities involved in such transactions and the importance of shareholder engagement in the approval process.

As the financial services sector continues to evolve, this merger reflects broader trends of consolidation aimed at enhancing operational efficiencies and expanding service capabilities. The transaction is expected to enable both Equitable and Corebridge to better position themselves in a competitive landscape marked by increasing demand for integrated financial solutions. The anticipated closing of the deal by the end of 2026 will provide both companies with the time necessary to navigate regulatory requirements and align their strategic objectives.

In summary, the merger between Equitable Holdings and Corebridge Financial represents a noteworthy shift in the financial services landscape, with potential implications for investment advisory practices and shareholder dynamics. As the transaction moves toward completion, stakeholders will closely monitor the regulatory approvals and the strategic integration of the two firms, which could set a precedent for future mergers in the sector.