Fidelity National Financial Inc. FNF, -6.66% announced Friday a deal to buy insurer FGL Holdings FG, +0.00% in a deal valued at $2.7 billion. FGL's stock rose 1.2% in premarket trading, after soaring 19.4% on Thursday, while Fidelity National's stock was still inactive. Under terms of the deal, Fidelity National will pay $12.50 for each FGL share outstanding, a 2.9% premium to Thursday's closing price of $12.15. Fidelity National expects the deal, which is anticipated to close in the second or third quarter of 2020, to add to increase 2020 earnings by more than 10%, and add more than 20% to 2021 earnings. Fidelity National will issue about 24 million shares to FGL shareholders, which represents about 7% of the shares outstanding. FGL's stock has rallied 60.3% over the past 12 months through Thursday and Fidelity National shares have advanced 41.0%, while the S&P 500 SPX, -0.55% has gained 23.6%.
2020-02-07 11:39:00Z
https://www.marketwatch.com/story/fidelity-national-to-buy-fgl-holdings-in-a-deal-valued-at-27-billion-2020-02-07
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