Fidelity National (FNF) Signs Amended Stock Purchase Agreement with LandAmerica for Commonwealth and Lawyers Title Insurance and United Caiptal Title Insurance
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Fidelity National Financial, Inc. (NYSE: FNF) Friday announced the signing of an amended stock purchase agreement with LandAmerica Financial Group, Inc. (NYSE: LFG) pursuant to which FNF will acquire LFG's two principal title insurance underwriters, Commonwealth Land Title Insurance Company and Lawyers Title Insurance Corporation, as well as United Capital Title Insurance Company.
The total purchase price for Commonwealth and Lawyers is approximately $282 million. Chicago Title Insurance Company and Fidelity National Title Insurance Company will pay a total of approximately $135 million in cash to LFG. Additionally, FNF will pay LFG a total consideration of approximately $147 million consisting of $47 million in cash, a $50 million subordinated note due in 2013, with interest at the 5-year treasury rate at closing plus 1 percent and approximately $50 million in FNF common stock valued at no less than $14.00 per share. The agreement also calls for Fidelity National Title's cash purchase of United for statutory book value at closing. United's statutory book value was approximately $16 million as of September 30, 2008
Fidelity National Financial, Inc., through its subsidiaries, provides title insurance, specialty insurance, claims management, and information services in the United States.
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