(Bloomberg) — Ares Management LP and Blackstone Group LP are among bidders vying to acquire Fidelity & Guaranty Life, people familiar with the matter said, as the insurer looks for a home after nixing a sale last month to a Chinese conglomerate.
The U.S. buyout firms are preparing to make a new round of bids for FGL after submitting offers for the Des Moines, Iowa-based company about a month ago, said the people, who asked not to be identified because the matter isn't public.
(Related: Annuity Players Continue to Fight Low Rates)
Athene Holding Ltd., the Apollo Global Management LLC-backed annuities seller that analysts pegged as a likely buyer, may still bid for FGL despite earlier being bumped from the sale process after making an offer that wasn't deemed high enough, the people said.
A deal for FGL could be reached as soon as the end of May, one of the people said. At least one other potential suitor is still participating in the auction, another person said. The identity of the additional bidder couldn't immediately be learned.
