Debevoise & Plimpton, Simpson Thacher & Bartlett and Skadden, Arps, Slate, Meagher & Flom have landed advisory roles on Beijing-headquartered Anbang Insurance Group’s acquisition of U.S.-based Fidelity & Guaranty Life (FGL) for $1.57 billion.

Under the deal, which marks Anbang’s first acquisition of a U.S. insurance firm, the Chinese insurer will receive all of FGL’s outstanding shares, while FGL stockholders of will get $26.80 per share in cash at closing.

Debevoise and Simpson Thacher are acting for Anbang. The Simpson Thacher team is headed by New York partner Lee Meyerson, while Debevoise’s team is being led by partners Eric Dinallo, David Grosgold and John Vasily in New York.

FGL was represented by a team from Skadden, headed by partners Todd Freed in New York, and Christopher Ulery and Jessica Hough in Washington, D.C.

Anbang said in the statement that after the transaction, it will become one of the biggest insurers by market share in the U.S. fixed indexed annuity market. The company has been snapping up assets in other industries this year, including its $1.95 billion purchase of New York’s Waldorf Astoria Hotel.