Fidelity National Financial, Inc. Announces Chapter 11 Bankruptcy Court Approval of its Acquisition of Commonwealth Land Title Insurance Company and Lawyers Title Insurance Corporation
Jacksonville, Fla. -- (December 16, 2008) -- Fidelity National Financial, Inc. (NYSE:FNF) today 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.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: the possibility that the proposed stock purchase agreement will not be completed due to the failure to secure necessary regulatory approvals; the possibility that there are unexpected delays in obtaining regulatory approvals; the possibility that the revenues, cost savings, growth prospects and any other synergies expected from the proposed transaction may not be fully realized or may take longer to realize than expected; changes in general economic, business and political conditions, including changes in the financial markets; continued weakness or 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