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Fidelity and Guaranty says will no longer be acquired by China's Anbang
April 18, 2017 / 1:43 AM / 8 months ago

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

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

The headquarters building of Anbang Insurance Group are pictured in Beijing, China, August 25, 2016. REUTERS/Jason Lee

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 U.S. 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.

Reporting by Engen Tham in Shanghai and Matthew Miller in Beijing; Editing by Edwina Gibbs

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