CF Corporation has announced that its shareholders have approved the previously announced merger with Fidelity & Guaranty (FGL).
The approval has paved the way to complete the deal as announced in May 2017, whereby CF Corporation agreed to acquire Fidelity & Guaranty Life for a cash transaction of $1.83bn.
Subject to regulatory approvals and certain other customary closing conditions, the transaction is expected to close in the fourth quarter of 2017.
CF Corporation, which operates as a special purpose vehicle (SPV) company formed for the purpose of merger and acquisitions, 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 change its name to FGL Holdings. Chinh Chu and William Foley, II will continue to serve as co-executive chairmen, and Christopher Littlefield, Eric Marhoun and Dennis Vigneau, each a current member of FGL’s management team, will join FGL Holdings as executive officers.