Fidelity scores piece of LendingTree
November 14, 2002
Becomes second largest voting shareholder with 3.6 million shares of common stock
Inman News Features
An early investor of LendingTree has sold a portion of its preferred stock holdings in a private sale to three companies wholly owned by Fidelity National Financial.
Fidelity bought 1.84 million shares of LendingTree's series A 8 percent convertible preferred stock from Specialty Finance Partners, an affiliate of Capital Z Financial Services Partners. The preferred shares are convertible into 2 million shares of LendingTree's common stock.
Upon closing of the transaction, Fidelity beneficially owns a total of 3.6 million shares of LendingTree common stock, or 12.4 percent of the total voting stock in the company, making it the second largest holder of voting stock.
Capital Z, a private equity investor, remains LendingTree's largest shareholder and continues to beneficially own 4.4 million shares of common stock, or 15.4 percent of total voting stock.
LendingTree (NASDAQ: TREE) is an online lending exchange that connects consumers, lenders, real estate agents and related service providers.
Fidelity National Financial is a title insurance and diversified real estate related services company.
Copyright: Inman News Service