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Industry News

Fidelity to Use Cash in InterCept Deal

September 30, 2004

JACKSONVILLE, Fla. (AP) -- Fidelity National Financial Inc., a title insurance company, on Wednesday said it decided to pay for its $400 million acquisition of bank technology company InterCept Inc. using cash.

The company said it will pay $18.90 for each share of InterCept common stock. The amended transaction still must receive shareholder and regulatory approval, and is expected to close in the fourth quarter.

Fidelity announced on Sept. 9 it would acquire InterCept instead of pursuing an initial public offering of its Fidelity National Information Services unit. The acquisition is seen as increasing the technology of its domestic banking and credit union businesses.

The company -- which also provides real-estate service such as escrow and tax certifications -- said it will spin off the information services unit in early 2005 but could not guarantee the IPO will be completed.

Shares of Fidelity closed down 35 cents, or about 1 percent, to $37.40 on the New York Stock Exchange. InterCept closed flat on the day to $18.60 on the Nasdaq.

Copyright: Associated Press

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