Fidelity National Financial completes acquisition of FGL Holdings

Fidelity National Financial and FGL Holdings announced the completed acquisition of FGL Holdings by FNF on June 1, 2020.  Under the terms of the definitive agreement, FNF issued approximately 27 million shares of FNF common stock and paid approximately $1.8 billion in cash to former holders of FGL ordinary and preferred shares.

“We are excited to have closed the acquisition of F&G ahead of schedule and are thrilled to welcome F&G’s employees and policyholders into the FNF family,” commented FNF Chairman William P. Foley, II.  “The F&G brand has a long and respected history in the life insurance and annuity industries.  The acquisition of F&G offers FNF entry to an industry that is counter-cyclical to FNF’s title insurance business.  FNF’s size, scale, and financial strength provides F&G with strategic advantages to grow and capitalize on incremental organic and inorganic growth opportunities.”

F&G is a provider of annuity and life insurance products, providing deferred annuities, including fixed indexed annuities, fixed rate annuities and indexed universal life insurance.

“The team at F&G is excited to join the FNF family of companies, and we believe that, under the ownership and guidance of FNF, we will be able to power growth in our core channels, jump start our expansion into new channels, and accelerate our path towards higher ratings.  All of this will allow us to provide terrific career opportunities for our team members and enable us to execute on our mission to help more people turn their aspirations into reality,” added Chris Blunt, F&G President and Chief Executive Officer.

BofA Securities and Trasimene Capital Management served as the advisors to the Special Committee of FNF, Weil, Gotshal & Manges LLP served as legal advisor to the FNF Special Committee, and Willkie Farr & Gallagher LLP served as the legal advisor to FNF.