JACKSONVILLE, Fla.,
Jan. 2, 2014 /PRNewswire/
-- Fidelity National Financial, Inc. (NYSE:FNF), a leading
provider of title insurance and transaction services to the real
estate and mortgage industries, today announced the closing of its
acquisition of Lender Processing Services, Inc.
(NYSE:LPS).
"We are excited to consummate the LPS acquisition and bring its
market-leading technology solutions and services back into the FNF
family," said FNF Chairman William P.
Foley, II. "This combination creates a larger,
broader, more diversified and recurring revenue base for FNF and
makes us the nation's leading provider of transaction services and
technology solutions to the real estate and mortgage
industries. We also believe that there will be future
complementary acquisition opportunities, particularly in the core
mortgage technology business, that will serve to enhance organic
growth. This is a strategic acquisition that we believe will
provide a platform for future growth opportunities that can
continue to create significant value for our shareholders."
The total consideration paid for a share of LPS common stock
will be $37.14, consisting of
$28.10 in cash and $9.04 in FNF common stock, with the value of the
stock component calculated as the product of the average FNF common
stock price of $31.459 and the
Exchange Ratio of 0.28742. FNF will issue approximately 25.9
million shares of its common stock to former LPS stockholders as
the stock component of the total consideration.
About FNF
Fidelity National Financial, Inc.
(NYSE:FNF), is a leading provider of title insurance, mortgage
services and diversified services. FNF is the nation's
largest title insurance company through its title insurance
underwriters - Fidelity National Title, Chicago Title, Commonwealth
Land Title and Alamo Title - that collectively issue more title
insurance policies than any other title company in the United
States. FNF also owns a 55% stake in American Blue Ribbon
Holdings, LLC, a restaurant owner and operator of the O'Charley's,
Ninety Nine Restaurant, Max & Erma's, Village Inn, Bakers
Square and Stoney River Legendary Steaks concepts. In
addition, FNF also owns a 51% stake in Remy International, Inc., a
leading designer, manufacturer, remanufacturer, marketer and
distributor of aftermarket and original equipment electrical
components for automobiles, light trucks, heavy-duty trucks and
other vehicles. FNF also owns a minority interest in Ceridian
Corporation, a leading provider of global human capital management
and payment solutions. More information about FNF can be
found at www.fnf.com.
Forward-Looking Statements
This press release
contains forward-looking statements that involve a number of risks
and uncertainties. Statements that are not historical facts,
including statements regarding our expectations, hopes, intentions
or strategies regarding the future are forward-looking statements.
Forward-looking statements are based on management's beliefs, as
well as assumptions made by, and information currently available
to, management. Because such statements are based on expectations
as to future financial and operating results and are not statements
of fact, actual results may differ materially from those projected.
We undertake no obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise. The risks and uncertainties which
forward-looking statements are subject to include, but are not
limited to: changes in general economic, business and political
conditions, including changes in the financial markets; weakness or
adverse changes in the level of real estate activity, which may be
caused by, among other things, high or increasing interest rates, a
limited supply of mortgage funding or a weak U. S. economy; our
potential inability to find suitable acquisition candidates,
acquisitions in lines of business that will not necessarily be
limited to our traditional areas of focus, or difficulties in
integrating acquisitions; our dependence on distributions from our
title insurance underwriters as a main source of cash flow;
significant competition that our operating subsidiaries face;
compliance with extensive government regulation of our operating
subsidiaries; and other risks detailed in the "Statement Regarding
Forward-Looking Information," "Risk Factors" and other sections of
the Company's Form 10-K and other filings with the Securities and
Exchange Commission.
SOURCE Fidelity National Financial, Inc.
