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November 30, 2017

CF Corp obtains Iowa Insurance Division’s permission to acquire Fidelity & Guaranty Life

CF Corp, a special purpose acquisition company, has obtained approval from the Iowa Insurance Division for the proposed takeover of Fidelity & Guaranty Life (FGL).

Iowa Insurance Division was the sole remaining regulatory to approve the deal. Early this month, the New York DFS gave its nod to the proposed acquisition. In August, CF Corp’s shareholders approved the deal.

The merger is expected to be completed by end of year 2017.

CF Corporation reached an agreement to acquire Fidelity & Guaranty Life for in a transaction valued at $1.83bn in May 2017.

Under the terms of the agreement, CF Corporation will pay $31.10 per share in cash, as well as the assumption of $405m of existing debt.

Once the transaction is closed, CF Corporation will re-brand itself as FGL Holdings. Chinh Chu and William Foley, II will continue to serve as co-executive chairmen. Christopher Littlefield, Eric Marhoun and Dennis Vigneau, each a current member of FGL’s management team, will join FGL Holdings as executive officers.

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