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


Contact ALTA at 202-296-3671 or communications@alta.org.

SoftPro, based in Raleigh, NC, offers a mature suite of products, designed specifically for the closing and title industry. Our mission is to serve our client base, with best-in-class products and services. Our products are modular so we don't force you to buy anything you don't need. You can always add on as your business grows. Unlike other software companies, we view the sale as the beginning of the relationship rather than the end. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.