Fidelity and Guaranty says will no longer be acquired by China’s Anbang

18 Apr, 2017 8:59 am

SHANGHAI – Fidelity & Guaranty Life (FGL), a US annuities and life insurer, said on Tuesday it has terminated its agreement to be acquired by China’s Anbang Insurance group.

Reuters reported earlier that the Chinese insurer would let its agreement to acquire FGL for $1.6 billion lapse after failing to secure all the necessary regulatory approvals.

FGL is looking at alternative strategies and “has received interest from a number of parties,” it said in a news release.

Anbang did not immediately respond to requests for comment.

The development casts new doubt on Anbang’s commitment to US deals, following its abandoned attempt last year to acquire Starwood Hotels & Resorts Worldwide Inc for $14 billion.

Established in 2004, Anbang signed more than $30 billion worth of corporate deals in the last 2-1/2 years, with high-profile investments including a $1.95 billion purchase of the Waldorf Astoria Hotel in New York. -Reuters

Must Watch