Fidelity & Guaranty Moves Closer Toward Completing Fidelity National Deal

Fidelity National, a title insurer, could close on the acquisition by Sept. 30.

(Credit: iStock)z

FGL Holdings, the parent of  has moved a Fidelity & Guaranty Life Insurance Company, has moved a step closer toward getting acquired by Fidelity National Financial Inc.

Fidelity National — a large title insurer — agreed in February to acquire FGL for $2.7 billion.

(Related: Fidelity National Aims to Be an Annuity Market Giant)

FGL, which goes by the name nickname F&G, is based in George Town, in the Cayman Islands.

Fidelity & Guaranty Life has its main offices in Des Moines, Iowa.

When the companies made their preliminary acquisition agreement, Fidelity National gave F&G a 40-day “go shop period” to look for a better deal.

The go-shop period expired Wednesday, F&G said Thursday.

“During the go-shop period, F&G and its financial advisor, Credit Suisse, solicited 42 potential acquirers,” F&G said in an announcement of the end of the go-shop period. “Despite these efforts, F&G did not receive any alternative acquisition proposals during the go-shop period.”

The terms of the Fidelity National deal agreement now restrict F&G’s ability to solicit alternative proposals or to give other suitors non-public information, F&G said.

F&G said it expects the Fidelity National deal to close by Sept. 30.

Fidelity National and F&G still have to get approval for the deal from regulators and from F&G shareholders.

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