CF Corporation and Fidelity & Guaranty Life Report on Status of Merger

By a News Reporter-Staff News Editor at Insurance Weekly News -- CF Corporation (NASDAQ: CFCO) ("CF Corp."), a special purpose acquisition company, and Fidelity & Guaranty Life (NYSE: FGL) ("FGL"), a leading provider of fixed indexed annuities and life insurance in the U.S., reported on the status of their previously announced merger transaction in which CF Corp. has agreed to acquire FGL for $31.10 per share in cash, or a total of approximately $1.835 billion, plus the assumption of $405 million of existing debt.

On October 6, 2017, the Insurance Commissioner of the State of Iowa issued a Notice of Public Hearing to be held on Tuesday, November 7, 2017 (the "Hearing"). The purpose of the Hearing is for the Iowa Insurance Division to consider whether the proposed acquisition of the Company complies with the standards set forth under applicable Iowa insurance laws. In addition, review of the acquisition by the New York Department of Financial Services is progressing; and the parties anticipate closing the acquisition by year end 2017.

Keywords for this news article include: CF Corporation.

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