Fidelity & Guaranty Life terminated its $1.6 billion agreement to be purchased by China’s Anbang Insurance Group and said it will weigh other possible deals, Bloomberg reports. The US insurer agreed in 2015 to the Anbang deal at a price of $26.80 a share. But Anbang struggled to win regulatory approval, and valuations of US life insurers climbed, giving FGL incentive to find a new buyer. Under terms of a February amendment, FGL was permitted to cancel the agreement Monday. Athene Holding, the annuity seller with ties to Apollo Global Management, has been weighing a plan to pursue FGL, people familiar with the plan said in February. Anbang hasn’t followed through recently with plans for major expansion in the US. A year ago, a group led by Anbang withdrew a $14 billion takeover for Starwood Hotels and Resorts Worldwide, citing “various market considerations.”
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