CF Corporation, and Fidelity & Guaranty Life, a leading provider of fixed indexed annuities and life insurance in the U.S., today announced that their boards of directors have each unanimously approved a definitive merger agreement under which CF Corp. will acquire FGL for $31.10 per share in cash, or a total of approximately $1.835bn, plus the assumption of $405m of existing debt. The purchase consideration implies a value of 1.1x adjusted book value as of March 31, 2017. The investor group, which includes the founders of CF Corp., Chinh E. Chu, and William P. Foley, II, funds affiliated with Blackstone, and Fidelity National Financial, will invest approximately $900m in common and preferred equity to fund the transaction.