Anbang Walks Away From Another Deal
Anbang Insurance (chairman Wu Xiaohui, pictured) withdrew its application to acquire Fidelity & Guaranty Life, with plans to refile “in the near future.”
The Chinese insurer agreed in November to buy FGL for $1.6B, and has given no indication of why it pulled back on the deal, which was supposed to be completed in Q2, Bloomberg reports.
In March, Anbang suddenly backed off another deal, the $14B takeover of Starwood Hotels & Resorts, clearing the way for a buyout by Marriott International. Anbang also just dropped its bid for InnVest's $744M portfolio.
Anbang has come under scrutiny by regulators in China, as it has emerged as one of the country’s most prominent overseas acquirers with massive hotel buys like its $1.95B purchase of the Waldorf Astoria, and its recent $6.5B deal for Strategic Hotels & Resorts, both from Blackstone. [Bloomberg]
