Fidelity National Financial to Spin Off 15% of F&G Annuities to Shareholders
16 Março 2022 - 8:16AM
Dow Jones News
By Chris Wack
Fidelity National Financial Inc. said Wednesday it plans to spin
off to its shareholders 15% of the common stock of its wholly owned
F&G Annuities & Life Inc. subsidiary through a
dividend.
The company said it will retain control of F&G through an
85% ownership stake and remains committed to F&G's growth and
long-term success.
The distribution was approved by Fidelity National Financial's
board of directors Monday. The separation is intended to be
structured as a taxable dividend to Fidelity National Financial
shareholders and is targeted to be completed in the third quarter
of 2022, the company said.
Fidelity National Financial will convert its $400 million
intercompany loan to F&G into F&G equity prior to the
distribution. Chris Blunt, president and chief executive of
F&G, will remain in his role. No change is expected to Fidelity
National Financial or F&G's strategy, operations or management
teams, the company said.
F&G shares will be publicly listed and trade on the New York
Stock Exchange, Fidelity National Financial said.
Fidelity National Financial shares were up 4% to $49.86 in
premarket trading.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
March 16, 2022 07:01 ET (11:01 GMT)
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