Fidelity National Financial To Buy FGL Holdings In $2.7 Bln Deal

(RTTNews) - Fidelity National Financial Inc. (FNF) agreed to acquire FGL Holdings (FG) for$12.50 per share, representing an equity value of about $2.7 billion.

FNF currently owns 7.9% of F&G's outstanding ordinary shares and all of FGL's Series B Preferred shares, and will acquire the remaining FGL Series A preferred shares, with a face value of about $321 million as of December 31, 2019.

As per the terms of the deal, holders of FGL Holdings's ordinary shares may elect to receive either $12.50 per share in cash or 0.2558 of a share of FNF common stock for each ordinary share of FGL they own.

Fidelity National expects that the transaction to be more than 10% accretive to its 2020 pro-forma earnings per share and more than 20% accretive to 2021 earnings per share.

It expects to close the deal in the second or third quarter of 2020.