Fidelity National Says FTC Seeks Data on Deal Extending Wait
Fidelity National Financial Inc. (FNF), the largest U.S. title insurer, said the U.S. Federal Trade Commission sought additional information about the company’s planned purchase of Lender Processing Services Inc. (LPS)
A waiting period tied to the deal’s review under federal antitrust law will be extended until 30 days after the companies have “substantially complied” with the request, the Jacksonville, Florida-based insurer said today in a regulatory filing. The period could be ended sooner by the FTC.
“FNF has been working, and will continue to work, cooperatively with the FTC and continues to expect the acquisition to close in the fourth quarter of 2013,” the insurer said.
Fidelity National agreed in May to buy LPS, a provider of mortgage data to lenders including Wells Fargo & Co. and JPMorgan Chase & Co., in a cash-and-stock deal that valued the target at about $2.9 billion at the time. The transaction stands to reunite the businesses, which share an address in Jacksonville.
In a 2006 reorganization, Fidelity National split off a business called Fidelity National Information Services Inc. That entity gave investors half a share of LPS common stock for each Fidelity National Information share they owned in 2008.
Peter Kaplan, a spokesman for the FTC, declined to comment.
Title insurers like Fidelity National and First American Financial Corp. use their records and public documents to verify a seller is a property’s true owner and that it is free from liens.
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