Davis Polk is advising HRG Group, Inc., a diversified holding company and Fidelity & Guaranty Life’s largest shareholder, in connection with the acquisition of Fidelity & Guaranty Life by CF Corporation for a total of approximately $1.835 billion, plus the assumption of $405 million of existing debt. The transaction, which is expected to close in the fourth quarter of 2017, is subject to the approval of the shareholders of CF and receipt of required regulatory approvals and other customary closing conditions.

Fidelity & Guaranty Life offers fixed annuity and life insurance products distributed by independent agents through an established network of independent marketing organizations. The investor group working with CF includes the founders of CF Corp., Chinh E. Chu and William P. Foley II, funds affiliated with Blackstone and Fidelity National Financial.

The Davis Polk corporate team includes partners John H. Butler and John B. Meade. Partner David H. Schnabel and associates Patrick E. Sigmon, Catherine L. Chu and M. Brett Cameron are providing tax advice. All members of the Davis Polk team are based in the New York office.

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