CF Corp, a special purpose acquisition company, has secured approval of the New York Department of Financial Services for the proposed takeover of Fidelity & Guaranty Life.
Earlier in August, CF Corp’s shareholders gave their nod for the deal and the latest approval paves the way to complete the deal. However, the company still needs approval from Iowa Insurance Division to conclude the deal.
In May 2017, CF Corporation agreed to acquire Fidelity & Guaranty Life for around $1.83bn.
CF Corporation will pay $31.10 per share in cash, as well as the assumption of $405m of existing debt.
Upon closing of the transaction, CF Corporation will re-brand itself as FGL Holdings.
Subject to receipt of the sole remaining regulatory approval and satisfaction of the other closing conditions, the merger is expected to be completed by end of year 2017.