Fidelity National Financial, Inc. Announces Acquisition of ATM Holdings, Inc.
Jacksonville, Fla. -- (August 1, 2007) -- Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance, specialty insurance and claims management services through a portfolio of companies, today announced that it has signed a definitive agreement to acquire ATM Holdings, Inc. ("ATM"), a provider of nationwide mortgage vendor management services to the loan origination industry. ATM's primary subsidiary is a licensed title insurance agency which provides centralized title and closing services and a full suite of valuation and appraisal services to national residential mortgage originators, banks and institutional mortgage lenders throughout the United States. It has relationships with eight of the top fifty mortgage originators in the country and is licensed in forty-two states, as well as the District of Columbia. ATM also owns and operates Vision Global Solutions, a proprietary software system that is used to manage the fulfillment of third-party settlement services by more than eleven major lenders.
"The ATM acquisition, combined with ServiceLink, our existing national lender platform, enables FNF to provide its lender customers with a broader suite of centralized title and closing services, as well as access to a full suite of valuation products and appraisal services for both refinance and emerging lender-driven purchase transactions," said Chairman William P. Foley, II. "The valuation and appraisal expertise of ATM and the existing centralized title and closing platform of ServiceLink will make FNF an even more formidable service provider in the growing national lender residential mortgage origination market."
"The addition of ATM's management team, client base, technology suite and product offerings perfectly complements ServiceLink's existing business model and enhances our value proposition to our clients," said Jeff Coury, President of ServiceLink.
Closing of the transaction is expected before the end of the third quarter, subject to customary closing conditions, including the receipt of Hart Scott Rodino approval.
Fidelity National Financial, Inc. (NYSE:FNF), is a leading provider of title insurance, specialty insurance and claims management 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 28 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. More information about FNF can be found at www.fnf.com.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions, including changes in the financial markets; adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; our dependence on operating subsidiaries as a source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.
SOURCE: Fidelity National Financial, Inc.
CONTACT: Daniel Kennedy Murphy, Senior Vice President, Finance and Investor Relations, 904-854-8120, dkmurphy@fnf.com