Beijing-based Anbang Insurance has agreed to buy US insurer Fidelity Guaranty Life FGL for $1.57 billion the companies said on Monday, making Anbang one of the largest insurers by market share in fixed indexed annuity products in the US.
Privately held Anbang will acquire all of the outstanding shares of FGL. Stockholders of FGL will receive $26.80 per share in cash at closing.
While Anbang has been acquiring assets in other sectors, buying New York’s Waldorf Astoria Hotel for $1.95 billion, the deal marks Anbang's first purchase of a US insurer.
The transaction represents a 28.9% premium over ...
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