(Bloomberg) -- Anbang Insurance Group Co. agreed to buy HRG Group Inc.’s Fidelity & Guaranty Life for about $1.6 billion to expand in the U.S.

The Chinese company will pay $26.80 per share, or 29 percent more than FG&L’s closing price on April 6, the day that HRG said it would explore a sale of the life insurer, the companies said in a statement Monday. There were 58.8 million shares outstanding as of Aug. 3, according to the target company’s most recent quarterly filing.

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