F&G Annuities & Life Completes Successful Common Stock Offering
Deal News | Mar 31, 2025 | Pillsbury Winthrop Shaw Pittman LLP
Pillsbury Winthrop Shaw Pittman LLP served as legal advisors for the underwriters in F&G Annuities & Life, Inc.'s public common stock offering. F&G Annuities, a leader in insurance solutions, offered 8,000,000 shares at $35.00 each. The underwriters were BofA Securities, Inc., J.P. Morgan Securities LLC, Piper Sandler & Co., Raymond James & Associates, Inc., and RBC Capital Markets, LLC, with BofA and J.P. Morgan acting as lead managers. A 30-day option allows the purchase of up to an additional 1,200,000 shares. Majority stockholder Fidelity National Financial, Inc. purchased 4,500,000 shares at $33.60, demonstrating significant commitment. The proceeds are aimed at supporting general corporate purposes and growth. The Pillsbury team was led by Corporate partner Stephanie Langan with support from partners Harsha Reddy and associates Sacha Urbach and Alexander Ntchobo.
Sectors
- Financial Services
- Legal Services
- Insurance
Geography
- United States – The companies and activities involved in the article, including F&G Annuities & Life, Inc., Pillsbury, and the underwriters, are based in the U.S.
- New York – The law firm Pillsbury and the lead managers BofA Securities and J.P. Morgan have headquarters or significant operations in New York, indicating the geographical focus on this financial hub.
Industry
- Financial Services – The article is relevant to the financial services industry due to F&G Annuities & Life, Inc. being a provider of insurance solutions and the involvement of investment banks as underwriters.
- Legal Services – Pillsbury Winthrop Shaw Pittman LLP, a law firm, served as legal advisor to the underwriters, highlighting the role of legal services in financial transactions.
- Insurance – F&G Annuities & Life, Inc. operates within the insurance sector, which is central to the public stock offering discussed in the article.
Financials
- 35.00 – Price per share offered to the public.
- 8,000,000 – Number of shares offered in the public offering.
- 33.60 – Price per share purchased by Fidelity National Financial, Inc.
- 4,500,000 – Number of shares purchased by Fidelity National Financial, Inc.
- 1,200,000 – Number of additional shares the underwriters have the option to purchase.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| F&G Annuities & Life, Inc. | Target company | Company | A leading provider of insurance solutions undertaking a common stock offering. |
| Pillsbury Winthrop Shaw Pittman LLP | Legal advisor | Company | Advised the underwriters in the public common stock offering. |
| BofA Securities, Inc. | Underwriter and Joint Book-running Manager | Company | Served as an underwriter and joint book-running manager for the stock offering. |
| J.P. Morgan Securities LLC | Underwriter and Joint Book-running Manager | Company | Served as an underwriter and joint book-running manager for the stock offering. |
| Fidelity National Financial, Inc. | Majority-stockholder | Company | Purchased shares directly from the underwriters. |
| Piper Sandler & Co. | Underwriter | Company | Served as an underwriter for the stock offering. |
| Raymond James & Associates, Inc. | Underwriter | Company | Served as an underwriter for the stock offering. |
| RBC Capital Markets, LLC | Underwriter | Company | Served as an underwriter for the stock offering. |
| Stephanie Langan | Corporate partner | Person | Led the Pillsbury deal team advising the underwriters. |
| Harsha Reddy | Tax partner | Person | Member of the Pillsbury deal team. |
| Sacha Urbach | Finance associate | Person | Member of the Pillsbury deal team. |
| Alexander Ntchobo | Corporate associate | Person | Member of the Pillsbury deal team. |