Fidelity National Financial, Inc. Announces Sale of Fidelity National Capital, Inc.

September 25, 2009 at 12:00 AM EDT
Fidelity National Financial, Inc. Announces Sale of Fidelity National Capital, Inc.

Jacksonville, Fla. -- (September 25, 2009) -- Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance, specialty insurance, claims management services and information services, today announced the sale of Fidelity National Capital, Inc. ("FN Capital") to Winthrop Resources Corporation ("WRC"), a subsidiary of TCF Financial Corporation (NYSE:TCB). FN Capital is a provider of technology financing and leasing solutions. Total net proceeds to FNF from the sale of FN Capital stock, after the repayment of certain FN Capital debt, were approximately $50 million.

The sale of FN Capital will result in a reduction of approximately $214 million of primarily non-recourse consolidated debt on the FNF balance sheet. As of June 30, 2009, this would have resulted in a pro forma total debt to capital ratio of approximately 22%, versus the previously reported 26%.

"We are focused on generating value from many of the investments we have made over the last several years," said Chairman William P. Foley, II. "While FN Capital was a relatively small business for FNF, its strong growth has resulted in more than $200 million of primarily non-recourse debt on our consolidated balance sheet and we believe this sale is a great opportunity to continue to delever our balance sheet and to monetize an investment. We are confident that FN Capital will continue to thrive under the ownership of WRC."

Fidelity National Financial, Inc. (NYSE:FNF), is a leading provider of title insurance, specialty insurance, claims management services and information services. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Lawyers Title, Ticor Title, Security Union Title and Alamo Title - that collectively issue more title insurance policies than any other title company 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. 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 and Treasurer
904-854-8120
dkmurphy@fnf.com