Fidelity National Revives Plan To TakeFinancial Services Unit Public
JACKSONVILLE, Fla. - (09/16/05) -- Fidelity National Financial Inc.announced Thursday it will merge its financial services operation,known as Fidelity National Information Services, with cardsprocessor Certegy Inc., then take the new company public. The newcompany, in which Fidelity National will retain a controlling 50.3%stake, will be known as Fidelity National Information Services Inc.and be listed on the New York Stock Exchange. The convoluted dealrepresents a revival of last year's attempt to take the financialservices business public in a spin-off, which was scrapped after aninvestor group including Thomas Lee and the Bass Brothers' TexasPacific Group agreed to pump $500 million into the company for astake in the financial services unit. Fidelity National InformationServices is a conglomeration of financial services providersacquired by Fidelity over the past three years, including AurumTechnology, ALLTEL Information Services, VISTA InformationSolutions, Sanchez Computer Associates and InterCept. As part ofthe deal, Fidelity National will separate its core title insurancebusiness into a separate company, to be known as Fidelity NationalTitle Group. Certegy was itself created by a 2001 spin-off fromEquifax. Both Certegy and Fidelity National have large creditunions customer bases.