Fidelity National Financial to invest $250m in F&G

Fidelity National Financial, Inc. (FNF) has announced its intent to invest approximately $250 million in F&G Annuities & Life, Inc. (F&G).

FNF held approximately 85% ownership in F&G as of September 30, 2023.

According to the announcement, F&G will use net proceeds from the investment to support the growth of assets under management, as it capitalizes on opportunities in the market.

At the same time, it is said that FNF views this as an “attractive investment”. This is mostly due to F&G’s current momentum and performance which has exceeded expectations.

FNF held $949 million in cash and short-term liquid investments at the holding company as of September 30, 2023.

It has also been confirmed, that FNF’s Board of Directors has formed a Special Committee which is made up of independent members of the Board to begin evaluation and negotiation of terms for the investment.

FNF’s Special Committee will retain an independent financial advisor, as well as legal counsel.

Further, the transaction is expected to close in late 2023 or early 2024, subject to customary closing conditions.

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