Fidelity National Financial, Inc. is a leading provider of title insurance and transaction services to the real estate and mortgage industries. FNF is the nation’s largest title insurance company through its title insurance underwriters – Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York – that collectively issue more title insurance policies than any other title company in the United States.
Fidelity National Financial, Inc. (NYSE: FNF) reported the signing of a merger agreement to acquire FGL Holdings (NYSE: FG) for USD 12.50 per share of common stock, an equity value of USD 2.7 Billion. Currently FNF owns 7.9% of F&G’s shares and all of the company’s Series B Preferred shares and plans to acquire the remaining F&G Series A Preferred shares.
“We are excited to announce our plans to acquire F&G Holdings and look forward to welcoming F&G employees and policyholders to the FNF family,” commented FNF Chairman William P. Foley, II. “Following the termination of the merger agreement with Stewart Information Services, the board and management diligently reviewed FNF’s capital allocation strategy and determined that expanding into the annuity market through the acquisition of F&G Holdings would offer compelling benefit to our shareholders.”
“Through our minority ownership position in F&G, we have come to know the business well and have developed great respect for Chris Blunt, F&G’s president and CEO,” said FNF CEO Raymond Quirk. “We believe FNF’s size, scale, and financial strength will offer significant advantages to Chris and the management team as they continue to lead F&G. We see incredible potential in working with the management team to invest in and grow F&G’s business on a national level.”
“We are pleased with the agreement reached with FNF and are proud of all F&G has accomplished.” commented Chris Blunt, President and CEO of F&G Holdings. “The transaction presents all of our stakeholders with immediate value while offering F&G a strong platform for continued growth. Upon completion, FNF will provide the ability to fuel our channels for distribution while offering additional cross selling opportunities.”