Simpson Thacher & Bartlett is advising China’s Anbang Insurance Group Co., Ltd. on a $1.57 billion offer to acquire Des Moines, Iowa-based Fidelity & Guaranty Life Insurance Co.*
Beijing-based Anbang is offering $26.80 a share, a 2 percent premium to Fidelity’s closing price on Nov. 6, to buy the New York Stock Exchange-listed annuities and life insurance company. Anbang said the deal, once it closes in the second quarter of 2016, will make the Chinese company one of the largest insurers by market share in fixed indexed annuity products in the U.S.
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