Fidelity National Financial Acquires Mercury Companies Colorado Operations
|August 6, 2008|
Fidelity National Financial, Inc. (NYSE: FNF) has acquired all of the title insurance operations of the Mercury Companies, Inc. located in the state of Colorado.
The acquired operations, which include Security Title, First American Heritage Title, Title America and United Title, generated approximately a 30% market share during 2007 and have a history in the state of Colorado dating back to the 1940's. The acquisition also includes the Impact title operating system that these operations utilize.
"We are very excited to have the opportunity to acquire such a significant and well-established group of companies in the state of Colorado," said FNF Chairman William P. Foley, II. "Our financial strength and ability to allocate capital during difficult market conditions allow us to make this strategic acquisition that we expect to generate significant future value for our shareholders."
"This is a significant market opportunity for FNF," said FNF President Raymond R. Quirk. "With the acquisition of these Colorado operations, we have become the market share leader in the state of Colorado. The Impact title operating system is also a great component of the acquisition, as these companies have effectively utilized that system for a number of years. We welcome Security Title, First American Heritage Title, Title America and United Title and all of their employees into the FNF family and we are confident that our combined commitment to leading the title industry in customer service, technology and financial strength will lead to a successful long-term partnership that will set the standard for title insurers in the state of Colorado."
Source: Fidelity National Financial, Inc.