Fidelity National Closes Purchase of LPS

Print
Email
Reprints
Comment
Twitter
LinkedIn
Facebook
Google+

Title insurance company Fidelity National Financial has closed on its purchase of Lender Processing Services, a provider of mortgage and consumer loan processing services and technology, FNF said in a press release Thursday evening. Total compensation for LPS is $37.14 per share, consisting of $28.10 in cash and $9.04 in FNF common stock.

The purchase creates a source of new business for FNF as the market demand for bundled technology and services is growing across the mortgage industry.

The two companies, whose corporate headquarters share a Jacksonville, Fla., address, dominate their respective core areas of operation: FNF's four underwriting units collectively issue more title insurance policies than any other title company; LPS's Mortgage Servicing Package is the system of record for approximately 50% of all U.S. mortgages, as measured by dollar volume.

On Dec. 24, the Federal Trade Commission approved the deal with the caveat that six title plants in Oregon be sold.

JOIN THE DISCUSSION

SEE MORE IN

'The Law Penalizes the Consumers It Set Out to Protect': Comments of the Week

American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the Comments sections of AmericanBanker.com articles.

(Image: Fotolia)

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.

The FinTech 100

FIS and Tata once again top the annual FinTech 100 list of vendors, ranked by revenue; IBM and Hewlett-Packard lead the pack of tech companies serving multiple industries; and Bionym and Silver Tail are among the 10 Tech Companies to Watch.
DAILY ENEWSLETTER UPDATE

A Newsletter featuring Bank Technology News' top stories plus special reports and data

This feature displays payments industry news and analysis from American Banker sibling brand PaymentsSource. Registration is required; for more information contact customer service.

TWITTER
FACEBOOK
LINKEDIN
Already a subscriber? Log in here
Please note you must now log in with your email address and password.