Fidelity & Guaranty Life is an insurer controlled by Harbinger Group Inc. Fidelity had sought to raise a valuation of USD1 billion in its initial public offering. This was according to two people who were involved in the planning process.
Fidelity & Guaranty might sell a 10% stake valued at USD100 million, according to one person who asked not to be identified as the matter was held private in nature. The net proceeds of the IPO would be used to pay Harbinger in cash and expand its operation. This was according to a prospectus filed yesterday.
The filing listed a sale amount of USD100 million. However, the number of shares for the offering was not listed or the its given price. Credit Suisse AG was appointed as financial advisor for the offering.
Fidelity & Guaranty operates as an insurer specializing in life insurance and retirement products. The company has around 700,000 policy holders. The company's profit got total revenue of USD1.22 billion and a profit of USD344.1 million for the fiscal year ended September 30.
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