Bankruptcy Court Approves Fidelity Acquisition of LandAmerica Business Units
December 17, 2008
Fidelity National Financial, Inc. (NYSE: FNF) announced that the Chapter 11 Bankruptcy Court approved its acquisition of LandAmerica Financial Group, Inc.'s ("LFG") two principal title insurance underwriters, Commonwealth Land Title Insurance Company ("Commonwealth") and Lawyers Title Insurance Corporation ("Lawyers").
FNF's purchase remains subject to the expiration of the waiting period under the Hart Scott Rodino application and other closing conditions specified in the amended stock purchase agreement. The waiting period expires at Midnight on Thursday, December 18, 2008 and closing is to occur on or before December 22, 2008.
Fidelity National Financial, Inc. (NYSE: FNF) , is a leading provider of title insurance, specialty insurance, claims management services and information services. FNF is one of the nation's largest title insurance companies through its title insurance underwriters - Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title - that issue approximately 27 percent of all title insurance policies in the United States.
FNF also provides flood insurance, personal lines insurance and home warranty insurance through its specialty insurance business. FNF also is a leading provider of outsourced claims management services to large corporate and public sector entities through its minority-owned subsidiary, Sedgwick CMS. FNF is also a leading information services company in the human resource, retail and transportation markets through another minority-owned subsidiary, Ceridian Corporation.