IRVINE, Calif. - Fidelity National Financial Inc. has a deal to buy the assets of Northwest Mortgage Services, a Bloomington, Minn., default management services company. Terms were not disclosed.
Fidelity would acquire Northwest's outsource operations, its network of affiliated law firms, its default processing and management systems, and its California foreclosure and trustee operations.
The deal is expected to close by March 15.
Fidelity's default management unit would be combined with Northwest's and would operate under the name Fidelity National Default Solutions.
"The expansion of our national default service business segment will strategically complement our current planned acquisition of Chicago Title Corp. and will allow Fidelity to immediately market its default management services on a nationwide basis," said Fidelity's chairman, William P. Foley 2d.
Fidelity's share price rose 82.25 cents to $13.25 on Monday on news of the deal. Its 52-week high is $13.375.
- Erick Bergquist