Anbang gets US committee OK on Fidelity & Guaranty deal
Posted March 16, 2016 7:00 am
NEW YORK (AP) - China's Anbang Insurance Group has received approval from a U.S. committee for its nearly $1.6 billion purchase of life insurance company Fidelity & Guaranty Life.
This comes on the heels of an announcement two days ago that Anbang is part of a group offering $14 billion to buy the Starwood hotel chain.
A filing with the Securities and Exchange Commission Tuesday said that Fidelity & Guaranty Life, based in Des Moines, Iowa, has received notice from the Committee on Foreign Investment in the U.S. that there are no unresolved national security concerns with regards to its acquisition by Anbang.
The deal, which was announced in November, is targeted to close in the second quarter.
A woman walks past the Anbang Insurance Group's building in Beijing, Wednesday, March 16, 2016. Young, privately owned and ambitious, Anbang Insurance Group stands out in China's staid, state-dominated insurance industry. Founded just 12 years ago, Anbang made a splash in the United States in 2014 with its $2 billion purchase of New York City's Waldorf Astoria Hotel. On Monday, March 14, it went after even bigger game, launching a surprise $14 billion bid with partners for the Starwood hotel chain. (AP Photo/Andy Wong)
The Associated Press
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