Equitable Holdings, Inc. (EQH): Business Model Canvas [Dec-2025 Updated]

You're looking to truly understand how a giant like Equitable Holdings, Inc. makes its money, right? Forget the jargon; this firm runs a complex, integrated machine managing $1.1 trillion in Assets Under Management/Administration as of Q3 2025, spanning retirement income, wealth advice through its 4,600+ advisors, and asset management anchored by its 68.6% stake in AllianceBernstein. What's fascinating is how they've actively reshaped the model, booking $5.5 billion in new Retirement deposits in that same quarter, realizing over $2 billion in value from the RGA reinsurance deal, all while maintaining a rock-solid balance sheet with an RBC ratio over 500%. Below, we break down the nine essential building blocks-from their key activities like underwriting risk to their specific revenue streams-so you can see the precise architecture behind their strategy.

Equitable Holdings, Inc. (EQH) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that power Equitable Holdings, Inc.'s strategy as of late 2025. These aren't just vendor agreements; they are capital-structuring moves and channel expansions that directly impact the balance sheet and growth trajectory.

RGA Reinsurance Company for the 75% Individual Life block reinsurance

The reinsurance deal with RGA Reinsurance Company was a major capital event, closing on July 31st, 2025. This partnership was designed to free up capital and reduce risk exposure, letting Equitable Holdings focus on its higher return on capital businesses.

The agreement saw RGA reinsure 75% of Equitable Holdings' in-force individual life insurance block on a pro-rata basis. This block covered approximately $32 billion in liabilities, specifically $18 billion in general account reserves and $14 billion in separate account reserves. The transaction generated over $2 billion in value for Equitable Holdings, including a positive ceding commission and capital release. RGA deployed $1.5 billion of capital at closing.

The financial impact on RGA was projected to be around $70 million of adjusted operating income before taxes in 2025, rising to $160 - $170 million in 2026, and eventually toward $200 million per annum. For Equitable Holdings, the proceeds supported a planned $1.7 billion in dividends to the Holding company in the second half of 2025, with $1.0 billion coming from the life transaction proceeds. This move bolstered the company's financial strength, resulting in a pro-forma combined NAIC RBC ratio greater than 500%.

AllianceBernstein (AB) for premier global investment management capabilities

The relationship with AllianceBernstein (AB), Equitable Holdings' asset management franchise, is central to the overall structure. Equitable Holdings announced its intention to increase its ownership stake in AB through a tender offer to purchase up to $1.8 billion of units.

This partnership is critical for asset management, as AB continues to manage a significant portion of the reinsured assets; approximately 70% of the general account assets being reinsured will remain under AB's management. Equitable Holdings had deployed over $15 billion of its $20 billion capital commitment to AB to support growth in its Private Markets business, which held $77 billion in assets under management as of Q2 2025.

The Asset Management segment showed mixed flows in 2025: it reported net inflows of $2.4 billion in the first quarter, but then saw active net outflows of $4.8 billion in the second quarter. Overall, Equitable Holdings reported $1 trillion in total assets under management and administration as of March 31, 2025.

Third-party institutions for diversified product distribution

Equitable Holdings relies on a broad distribution network beyond its affiliated advisors. This reach is a key competitive edge, providing access to a wider client base for its retirement, wealth, and asset management solutions.

The distribution strategy includes leveraging:

• Third-party institutions for broad market access.
• Affiliated advisors, including the growing Equitable Advisors channel.

Stifel Independent Advisors acquisition to expand the wealth management channel

The agreement to acquire Stifel Independent Advisors is a direct play to accelerate growth in Wealth Management, the fastest-growing segment for Equitable Holdings. The deal, expected to close in the first quarter of 2026, brings in more than 110 independent advisors managing about $9 billion in client assets.

This acquisition complements the existing Equitable Advisors platform, which already has approximately 4,500 financial professionals and more than $110 billion in assets under administration (AUA) as of late 2025. The addition builds on Equitable Advisors' 12% trailing twelve-month organic growth rate.

Here's a look at the scale of the Wealth Management channel post-acquisition, based on the figures reported around the announcement:

Technology and digital solution providers for platform modernization

While specific spending figures for platform modernization aren't explicitly detailed in the latest earnings summaries, the value proposition for acquired advisors points directly to technology integration. The Stifel Independent Advisors joining Equitable Advisors will gain access to Equitable's open-architecture platform and planning technology.

Key technology and operational resources being extended to these new partners include:

• Access to an open-architecture platform.
• Planning technology and robust operational infrastructure.
• Marketing tools and support for compliance.

This integration is part of a broader strategy to enhance the capabilities offered through Equitable Advisors. Finance: review Q3 2025 IT CapEx against budget by next Wednesday.

Equitable Holdings, Inc. (EQH) - Canvas Business Model: Key Activities

You're looking at the core engine of Equitable Holdings, Inc. (EQH) right now, focusing on what they actually do every day to generate revenue and manage risk as of late 2025. It's a mix of asset gathering, risk transfer, and advice delivery.

Managing $1.1 trillion in Assets Under Management/Administration (AUM/A)

A huge part of the job is simply managing the sheer scale of assets clients entrust to them. As of September 30, 2025, total AUM/A hit $1.1 trillion. That number represented a 7% increase year-over-year for the third quarter of 2025. This activity is central to the fee-based revenue streams across their franchises.

Underwriting and managing variable annuity and life insurance risk

This is where the insurance side of Equitable Holdings actively manages liabilities. A major key activity involved executing a life reinsurance transaction, which was completed with Venerable, freeing nearly US$2 billion in excess capital ahead of the third-quarter 2025 earnings announcement. This move also reduced exposure to mortality volatility by 75%. The company expects to take $1.7 billion of dividends to Holdings in the second half of 2025, which includes $1.0 billion from the individual life transaction proceeds.

Providing comprehensive financial planning and advisory services

The advice component, primarily through Equitable Advisors, LLC, is a constant activity. As of late 2025, Equitable Advisors, LLC had 4,500 duly registered and licensed financial professionals providing these services across the country. The Wealth Management segment saw advisory net inflows of $2.2 billion in the third quarter of 2025. Total assets under administration for Wealth Management reached $118 billion by the end of that quarter.

Active investment management and research via AllianceBernstein

Managing assets for external clients through AllianceBernstein (AB) is a distinct key activity. Equitable Holdings, Inc. maintained a significant economic interest, owning approximately 68.5% of AllianceBernstein as of September 30, 2025. For the third quarter of 2025, Asset Management reported net inflows of $1.7 billion when excluding the impact of the life reinsurance transaction. AB's Private Markets AUM grew to $80 billion year-to-date in 2025, up from $56 billion in 2022.

Executing capital management and efficiency initiatives, like the $2 billion capital release

Returning capital and optimizing the balance sheet is an ongoing operational focus. In the third quarter of 2025, the company returned $757 million to shareholders, which included $676 million in share repurchases. This deployment of capital also included $500 million of debt repayment during that quarter. The company also reduced debt and hybrids by $665 million during Q3 2025.

Here's a quick look at some of the key financial metrics tied to these activities as of the third quarter of 2025:

You can see the flywheel effect in action: asset gathering in Retirement and Wealth Management feeds the overall AUM/A, which supports the fee revenue for AllianceBernstein, all while active risk management frees up capital for shareholder returns.

• Retirement segment first year premiums were up 3% over the prior year in Q3 2025.
• Non-GAAP operating earnings for Q3 2025 were $455 million.
• Adjusting for notable items, Q3 2025 Non-GAAP operating earnings were $510 million or $1.67 per share.
• Equitable Advisors, LLC has 4,500 licensed financial professionals.

Finance: draft 13-week cash view by Friday.

Equitable Holdings, Inc. (EQH) - Canvas Business Model: Key Resources

You're looking at the core assets Equitable Holdings, Inc. (EQH) relies on to execute its strategy. These aren't just line items; they are the engine room of the firm, spanning client assets, distribution power, and financial strength.

The sheer scale of assets under management and administration (AUM/A) is a primary resource, underpinning fee revenue across Asset Management and supporting the guarantees in the Retirement segment. As of September 30, 2025, total AUM/A stood at $1.1 trillion.

Distribution strength is another critical resource, channeled primarily through its proprietary network of financial professionals. This network is what brings client assets into the fold for management and advice. The firm maintains a network of approximately 4,600 Equitable Advisors financial professionals.

The strategic relationship with AllianceBernstein (AB) is vital for the Asset Management component of the business. Equitable Holdings, Inc. maintains a 69% economic interest in AllianceBernstein L.P., the operating partnership of AB Holding, as of June 30, 2025.

Financial stability is a non-negotiable resource in the insurance and asset management space. The balance sheet strength is evidenced by a combined NAIC RBC ratio (National Association of Insurance Commissioners Risk-Based Capital ratio) reported as over 500%, pro-forma for the individual life reinsurance transaction and planned dividends to Holdings.

To manage the complex liabilities associated with its guarantees, Equitable Holdings, Inc. deploys sophisticated internal capabilities. These include proprietary hedging programs designed specifically to manage the market risk embedded in those guarantees.

Here's a quick snapshot of the core quantitative resources as of late 2025 data points:

The firm also actively deploys capital to enhance its resource base, such as the commitment to AB. For instance, over $17 billion of the $20 billion capital commitment to AB has been deployed to support growth in AB's Private Markets business, which itself holds approximately c.$80 billion of assets under management as of Q3 2025.

The underlying operational capabilities that support these resources include:

• Underwriting capability within the general account team.
• Investment management infrastructure shared between Equitable Investment Management Group, LLC and Equitable Investment Management, LLC.
• Proprietary investment strategies for variable products, including 12 Managed Portfolio Strategies.

Finance: draft 13-week cash view by Friday.

Equitable Holdings, Inc. (EQH) - Canvas Business Model: Value Propositions

Integrated financial solutions across retirement, wealth, and asset management.

Equitable Holdings, Inc. reported total Assets Under Management and Administration (AUM/A) of $1.1 trillion as of September 30, 2025, representing a year-over-year increase of 7%. The company serves more than 5 million client relationships globally.

The integrated model showed momentum in key areas during the third quarter of 2025:

• Retirement reported net inflows of $1.1 billion.
• Wealth Management advisory net inflows reached $2.2 billion.
• First year premiums in Individual Retirement were $5.5 billion, up 3% over the prior year.

Here's a look at the segment scale and performance metrics as of mid-to-late 2025:

Risk protection and capital preservation via a market-neutral hedging approach.

Equitable Holdings completed its Individual Life reinsurance transaction with RGA on July 31, 2025, which created over $2 billion of value and reduced exposure to future mortality claims by 75%. The company reported a pro-forma combined NAIC RBC ratio of greater than 500% following this transaction. The company expects to take $1.7 billion of dividends to Holdings in the second half of 2025, which includes $1.0 billion from the life reinsurance transaction proceeds.

Differentiated advice model with supported independence for advisors.

Equitable Advisors, LLC has 4,500 duly registered and licensed financial professionals providing financial planning and wealth management services. Wealth Management advisory net inflows were $2.2 billion in the third quarter of 2025.

Access to premier global investment strategies through AllianceBernstein.

AllianceBernstein (AB), a global investment management firm, is a principal franchise of Equitable Holdings. In the second quarter of 2025, AB reported its private markets AUM reached $77 billion, marking a 20% year-over-year increase. For the same quarter, AB raised its full-year 2025 performance fee outlook to between $110 million and $130 million, up from the previous range of $90 million to $105 million.

Product innovation, such as the Structured Capital Strategies Premier indexed annuity.

Structured Capital Strategies Premier (SCS Premier) is a registered index-linked annuity offering 120 investment options, allowing accumulation based on indices like the S&P 500. Key features of the new offering include:

• Best Entry feature: Resets the starting investment value to the lowest index value over the next four months if lower.
• Dual Step Tier feature: Flips investment losses within the buffer to a predetermined positive rate of return.
• Death benefit options include either a 5% interest roll-up or the highest anniversary value over the life of the contract, whichever is greater.

Finance: Finalize the Q4 2025 capital deployment forecast by next Tuesday.

Equitable Holdings, Inc. (EQH) - Canvas Business Model: Customer Relationships

You're looking at how Equitable Holdings, Inc. (EQH) maintains its connections with clients across its diverse segments, which is heavily weighted toward personal advice and long-term planning, especially through its Equitable Advisors franchise.

The core of the high-touch service comes via Equitable Advisors. As of September 30, 2025, this network comprised 4,446 duly registered and licensed financial professionals. This advisory force is central to delivering the firm's retirement and protection strategies to individuals and families. The Wealth Management segment, which relies on this advisory channel, reported total assets under administration (AUA) reaching $118 billion as of the third quarter of 2025. This shows the scale of assets managed under this personalized model.

For institutional relationships, dedicated management is key, particularly within the Group Retirement (GR) business. The GR segment showed net inflows of $217 million in the second quarter of 2025, specifically noting net inflows in the institutional and tax-exempt channels. This indicates active relationship management in those specific client pools, even while the corporate channel experienced net outflows that quarter.

Digital tools are increasingly integrated to support both the advisors and the end clients. For the Employee Benefits business, the Digital Onboarding solution, launched in 2023, has seen significant adoption. More than two-thirds of brokers selected this digital method as their preferred way to onboard new benefit plans. Furthermore, this digital focus translates to perceived ease of doing business, with ninety-seven percent of brokers reporting that doing business with Equitable was easy in a survey covering the peak season from October 2024 to February 2025.

The relationships are inherently long-term, given the focus on retirement security. Equitable Holdings reports serving more than 5 million client relationships globally as of September 30, 2025. This longevity is reinforced by the perceived value of advice; a study released in October 2025 found that 83% of small business owners consider it important to work with a financial professional for business guidance. Overall, Equitable states it serves 4 million clients across the country as of late 2025.

Here's a quick look at the scale of the client base and advisory force:

• Total Client Relationships Globally (as of 9/30/2025): more than 5 million
• Equitable Advisors Financial Professionals (as of 9/30/2025): 4,446
• Wealth Management AUA (as of 9/30/2025): $118 billion
• Small Business Owners Valuing Advice (as of Oct 2025): 83%

The structure of client engagement can be broken down by the primary service channel:

The reliance on the advisor is clear, as the firm emphasizes the productivity of its professionals. For instance, in the first quarter of 2025, advisor productivity showed 8% year-over-year growth. This focus on advisor enablement through technology, like the Digital Onboarding solution, helps maintain the high-touch feel even as processes become more efficient. If onboarding takes 14+ days, churn risk rises, so the 89% of brokers reporting faster implementation timelines due to digital tools is a critical relationship metric.

Equitable Holdings, Inc. (EQH) - Canvas Business Model: Channels

You're mapping out the distribution footprint for Equitable Holdings, Inc. as of late 2025, and it's clear they rely on a multi-pronged approach, blending proprietary advice with institutional reach and digital efficiency. Here's the breakdown of how they get their products and services to market.

Equitable Advisors' affiliated financial professional network

The core of the wealth management channel runs through Equitable Advisors. This network is a significant source of client acquisition and service delivery for wealth and retirement solutions. As of the second half of 2025, Equitable Advisors, LLC had approximately 4,500 duly registered and licensed financial professionals across the country. Equitable itself serves about 4 million clients across the country, a relationship often facilitated by these advisors. For context on the scale this channel manages, Total Assets Under Administration (AUA) for Wealth Management reached $118 billion as of September 30, 2025. The productivity of this channel is a key indicator; for instance, advisor productivity improved by 8% in the first quarter of 2025, which management views as a good leading indicator for future growth.

This network is supported by a model described as supported independence, which offers robust capabilities and an open-architecture platform. Here's a snapshot of the overall scale Equitable Holdings managed through its various channels as of late 2025:

Third-party broker-dealers and independent distribution channels

Equitable Holdings' distribution strategy isn't solely reliant on its captive advisors. The firm utilizes third-party institutions to broaden its reach, which is explicitly mentioned as a competitive edge through diversified distribution. AllianceBernstein (AB), the Asset Management franchise, reports positive net inflows across all its distribution channels. For example, in the third quarter of 2025, AB reported net inflows of $1.7 billion when excluding the impact of the RGA life reinsurance transaction. This indicates that a significant portion of asset management flows comes through external channels, including third-party broker-dealers and institutional consultants.

The structure supports various external partners:

• Financial professionals and brokers.
• Registered Investment Advisers (RIAs).
• Brokers for Employee Benefits products.

Institutional sales force for Group Retirement and Asset Management

The institutional sales force targets Group Retirement (GR) and Asset Management (AB) clients. The GR segment reported net inflows of $217 million in the second quarter of 2025, with specific mention of inflows in the institutional and tax-exempt channels. For the broader Retirement segment (which includes Individual Retirement), net inflows for the third quarter of 2025 were $1.1 billion. The institutional focus within Asset Management is critical; AB offers diversified investment services to institutional investors globally. The company is focused on capturing greater margins through AB and Equitable's investment services, a key component of their strategy.

Direct-to-client digital portals for account access and service

Digital enablement is used to streamline processes, particularly for the intermediary channels, which in turn improves the end-client experience. The success of Equitable's Digital Onboarding solution, launched in 2023, demonstrates this focus. This solution is integrated into the EB360 employee benefits platform. Data from mid-2025 shows tangible results from this digital push:

• Adoption: More than two-thirds of brokers selected Digital Onboarding as their preferred implementation method for new benefit plans.
• Speed: Eighty-nine percent of brokers reported faster implementation timelines.
• Client Satisfaction: Ninety-seven percent of brokers indicated that doing business with Equitable was easy.

This digital infrastructure helps the firm serve its more than 5 million client relationships globally, even if the direct interaction is mediated by a financial professional or broker. Finance: draft 13-week cash view by Friday.

Equitable Holdings, Inc. (EQH) - Canvas Business Model: Customer Segments

You're looking at the core groups Equitable Holdings, Inc. serves, which directly informs where they focus their capital and product development. Honestly, the business is built around managing money for life events, primarily retirement and protection, across a wide spectrum of clients.

Equitable Holdings, Inc. serves more than 5 million client relationships globally as of September 30, 2025. The total Assets Under Management and Administration (AUM/A) stood at $1.1 trillion at that same date.

Here's a breakdown of the key customer groups, supported by the latest segment performance data:

• Individuals and families seeking retirement and protection strategies.
• Small businesses needing employee benefits and retirement plans.
• Institutional investors (pensions, endowments) for asset management.
• High-net-worth and private wealth clients.
• Tax-exempt organizations and public-sector entities (Group Retirement).

The Individual Retirement (IR) business, which targets individuals and families, showed strong activity. For the third quarter of 2025, this group generated net inflows of $1.1 billion and first year premiums totaling $5.5 billion.

The Group Retirement (GR) segment addresses small businesses, tax-exempt organizations, and public-sector entities. For the second quarter of 2025, GR reported net inflows of $217 million, driven by the institutional and tax-exempt channels.

AllianceBernstein (AB), Equitable Holdings, Inc.'s asset management arm, caters to institutional investors and private wealth clients. In Q3 2025, AB reported net outflows of $2.3 billion, or inflows of $1.7 billion when excluding the impact of the RGA life reinsurance transaction. The Private Markets business within AB currently manages $77 billion in assets.

High-net-worth and private wealth clients are also served through the Wealth Management (WM) channel, which includes Equitable Advisors. As of the third quarter of 2025, WM reported advisory net inflows of $2.2 billion, bringing total assets under administration to $118 billion.

To give you a clearer picture of the scale and flow across these customer-facing areas as of late 2025, look at this summary of recent segment activity:

The company's overall client base is broad, spanning from individuals needing a basic retirement strategy to large institutions allocating significant capital through AllianceBernstein. For instance, the IR segment saw first year premiums of $4.8 billion in Q2 2025, up 7% over the prior year, showing direct engagement with the protection and retirement planning market.

It's defintely worth noting the scale of the asset management clients for AB, which includes institutional investors. Their Private Markets business alone holds $77 billion in assets under management, showing a deep relationship with sophisticated capital allocators.

Finance: draft 13-week cash view by Friday.

Equitable Holdings, Inc. (EQH) - Canvas Business Model: Cost Structure

You're looking at the cost side of Equitable Holdings, Inc. (EQH) as of their latest reported quarter, Q3 2025. This is where the money goes out to keep the engine running and meet obligations to policyholders.

Policyholder benefits and claims, though reduced by reinsurance.

The most significant cost factor involves policyholder benefits and claims, which saw a major accounting impact from the life reinsurance transaction closed in Q3 2025. Equitable Holdings reported a net loss of $\$(1.3)$ billion for the third quarter of 2025, primarily driven by the one-time impact from this life reinsurance transaction. To offset this, the agreement with RGA Reinsurance Company to reinsure 75% of the in-force individual life insurance block generated over $2 billion of value, which included a positive ceding commission and release of capital. Still, the Retirement segment noted that its operating earnings were negatively impacted by higher expenses alongside a lower net interest margin.

Compensation and commissions for the 4,600+ advisor force.

The cost of distribution is substantial, tied directly to the sales force. Equitable Advisors, LLC has 4,600 duly registered and licensed financial professionals providing services across the country. This force drives revenue, as evidenced by the Wealth Management segment reporting advisory net inflows of $2.2 billion in Q3 2025.

Here's a look at the capital deployment actions taken in Q3 2025, which indirectly relates to managing overall cost of capital and operations:

General operating expenses and technology investment costs.

General overhead and technology spending fall under the Corporate and Other (C&O) segment, which is a net cost center. The operating loss for the C&O segment in the third quarter of 2025 was $159 million, an increase from an operating loss of $59 million in the prior year quarter. The company allocated about $200 million towards growth investments in Q3 2025, which would encompass technology upgrades and business expansion efforts.

Interest expense on outstanding debt, reduced by $500 million repayment in Q3 2025.

Managing the cost of debt is a clear priority. Equitable Holdings used $500 million specifically for debt repayment during the third quarter of 2025. To be fair, the company also reduced total outstanding debt and hybrids by $665 million during that same quarter. This action helps reduce future interest expense obligations.

Costs associated with hedging and risk management programs.

While specific line-item costs for hedging programs aren't detailed in the summary results, the entire structure of Equitable Financial Life Insurance Company is inherently tied to managing insurance risk. The reinsurance transaction with RGA is a massive risk management action itself, designed to enhance focus on capital-efficient businesses. The fixed maturity portfolio, valued at $80 billion as of Q3 2025, is heavily weighted toward safety, with 70% rated Aaa, Aa, or A, and an average portfolio rating of A2.

You should review the detailed financial supplement for the exact interest expense and hedging program costs, but the debt reduction and reinsurance activity show the direction of travel on these cost components.

Equitable Holdings, Inc. (EQH) - Canvas Business Model: Revenue Streams

You're looking at how Equitable Holdings, Inc. actually brings in the money, which is key to understanding its valuation, especially now that the big RGA reinsurance deal has closed. Honestly, the revenue picture is a blend of steady management fees and lumpy, transaction-driven items.

The foundation of predictable cash flow comes from the assets managed across its businesses. As of September 30, 2025, total Assets Under Management and Administration (AUM/A) for Equitable Holdings stood at a record $1.1 trillion. This massive scale underpins the fee-based earnings stream, though the Retirement segment's operating earnings were negatively impacted in Q3 2025 by a lower net interest margin.

The spread-based revenue from the general account, which includes net investment income (NII), shows some volatility, particularly from alternatives. For instance, in Q2 2025, notable items reflected $3 million in lower net investment income from alternatives. This stream is crucial but subject to market fluctuations, as seen in the prior quarter adjustments.

The Wealth Management segment, driven by Equitable Advisors, is a significant fee generator. In the third quarter of 2025, this segment pulled in advisory net inflows of $2.2 billion. This growth in assets under administration (AUA) translates directly into advisory and distribution fees, which helped boost operating earnings in Q2 2025.

The Retirement business remains a core revenue driver, especially through new business production. First-year premiums and deposits for the Retirement segment totaled $5.5 billion in Q3 2025, marking a 3% increase over the prior year.

A major, non-recurring, but highly impactful revenue-like event was the RGA reinsurance transaction. This deal generated over $2 billion in total value for Equitable Holdings, which included a positive ceding commission and capital release. While this caused a $1.3 billion net loss in Q3 2025 due to the one-time accounting impact, the capital is now available to reinvest in core growth areas.

Here's a quick look at how the adjusted operating earnings were distributed across the segments in Q3 2025, which gives you a sense of where the recurring fee-based earnings are concentrated:

To be defintely clear on the sources of revenue that feed into those earnings, you can see the key activity metrics from Q3 2025:

• Fee-based earnings are supported by total AUM/A of $1.1 trillion as of September 30, 2025.
• Wealth Management advisory net inflows reached $2.2 billion in Q3 2025.
• Retirement first-year premiums were $5.5 billion in Q3 2025.
• Asset Management (AB) reported net inflows of $1.7 billion, excluding the RGA transaction impact.
• The RGA reinsurance deal provided a one-time value generation exceeding $2 billion.

Finance: draft 13-week cash view by Friday.