Fidelity National Financial, Inc. Announces Intent to Invest Approximately $250 Million In Majority-Owned Subsidiary F&G
F&G will use net proceeds from the investment to support the growth of assets under management, as it capitalizes on opportunities in the market. FNF views this as an attractive investment given F&G's current momentum and performance which has exceeded expectations, while still preserving the Company's excess liquidity as a buffer in response to market headwinds and historical low volumes in the Title business. FNF held
FNF's Board of Directors has formed a Special Committee comprised of independent members of the Board (the Special Committee) to begin evaluation and negotiation of terms for the investment. FNF's Special Committee will retain an independent financial advisor, as well as legal counsel. The Special Committee, consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, will thoroughly evaluate the terms and conditions of the investment on an arm's length basis.
The transaction is expected to close in late 2023 or early 2024, subject to customary closing conditions. The Company does not intend to comment on or disclose further developments regarding the Special Committee's work unless and until it deems further disclosure is appropriate or required.
This press release is for informational purposes and is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future 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 financial and operating results 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: diversion of management's attention; the ability of the FNF and F&G special committees to negotiate mutually acceptable terms for the investment; the potential impact of the consummation of further investment by FNF in F&G on relationships, including with employees, suppliers, customers and competitors; our ability to successfully realize the anticipated benefits of the investment; changes in the financial markets; changes in general economic, business, political crisis, war and COVID-19 conditions, including ongoing geopolitical conflicts; 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
Lisa Foxworthy-Parker, SVP of Investor & External Relations, Investors@fnf.com, 515.330.3307