JACKSONVILLE, Fla., Nov. 26 /PRNewswire-FirstCall/ -- Fidelity National
Financial, Inc. (NYSE: FNF) today announced the signing of a stock purchase
agreement with LandAmerica Financial Group, Inc. ('LFG') pursuant to which FNF
will acquire LFG's two principal title insurance underwriters, Commonwealth
Land Title Insurance Company ('Commonwealth') and Lawyers Title Insurance
Corporation ('Lawyers'), as well as United Capital Title Insurance Company
('United').
Under the terms of the stock purchase agreement, Chicago Title Insurance
Company will acquire Commonwealth for $158.6 million and Fidelity National
Title Insurance Company will acquire Lawyers and United for $139.4 million,
for a total purchase price of $298.0 million. The transaction anticipates
that LFG will file Chapter 11 proceedings and is subject to certain closing
conditions and regulatory approvals, including the entry of final approved
orders by the Chapter 11 court, Hart Scott Rodino approval and the receipt of
Form A approvals from applicable state insurance regulators. Closing is
expected to take place as early as late December 2008.
'The acquisition of these established title insurance franchises is an
exciting opportunity for FNF,' said Chairman William P. Foley, II. 'We have
always had great respect for the Commonwealth, Lawyers and United commercial
and residential operations and all three underwriters will emerge from the LFG
bankruptcy proceedings as much stronger, stable and more valuable companies.
To the extent that it is legally permissible, we expect to immediately begin
meeting with the Commonwealth, Lawyers and United managers, employees, agents
and customers throughout the country to ensure a smooth transition after
closing, as we welcome these underwriters and their employees, agents and
customers into the FNF title insurance family.'
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.
