Fidelity National Financial Finances Foley’s Investment in Wine

JACKSONVILLE, Fla. – Title insurer Fidelity National Financial said yesterday it bought back one million of its shares for $22 million from Chairman William Foley, the man responsible for the constant restructuring of the company over the three years, so Foley can make an investment in the wine industry. The company said it bought the shares at $22.09 yesterday, the closing price. Foley was one of the best paid executives in the country last year, earning more than $200 million from the spin off of the title insurer from Fidelity National Information Services, the provider of back office services for credit unions and banks. After the sale of shares to the company, Foley still owns 8.5 million shares of the title insurer valued at $190 million, and almost 6 million shares of Fidelity National Information, valued at $330 million.