Fidelity National Financial, Inc. Sells Approximately 20 Percent of its Ownership Stake in Sedgwick CMS
June 5, 2008
JACKSONVILLE, Fla., -- Fidelity National Financial, Inc. (NYSE: FNF) today announced the sale of approximately 20 percent of its ownership stake in the parent company of Sedgwick Claims Management Services, Inc. ("Sedgwick CMS") to UnitedHealth Group (NYSE: UNH - News). UnitedHealth Group also purchased pro rata ownership shares from Thomas H. Lee Partners, Evercore Partners and David A. North, the other existing minority shareholders of Sedgwick CMS. Following this purchase, UnitedHealth Group will own approximately 20 percent of Sedgwick CMS, and FNF will own approximately 32 percent of Sedgwick CMS. Financial terms of the sale were not disclosed.
"This sale of a portion of our stake in Sedgwick CMS is consistent with our stated goal of creating liquidity from the sale of some of our assets," said Chairman William P. Foley, II. "We are pleased to generate liquidity and create value for our shareholders, and we are excited about the value that UnitedHealth Group can bring to Sedgwick CMS in medical management and cost management strategies for occupational health programs and through the extension of the existing relationship between the two companies in the integrated serving of employer-sponsored disability, group medical, workers' compensation and leave and absence programs. The addition of UnitedHealth Group as a strategic shareholder is a very positive sign for the future of Sedgwick CMS."
Source: Fidelity National Financial, Inc.