The Jacksonville, Fla., title insurance company Fidelity National Financial Inc. and the Boston private-equity firm Thomas H. Lee Partners LP have completed their $5.3 billion purchase of the Minneapolis payroll vendor Ceridian Corp.
Fidelity National and Thomas H. Lee announced the deal in May. Its closing was announced last week. Fidelity National received a 33% stake in Ceridian.
"We are very excited about the acquisition of Ceridian," William P. Foley 2nd, Fidelity's National Financial's chairman and chief executive, said in a press release.
Ceridian "has leading market positions in large, growing markets, long-term customer relationships, recurring revenue, [and] strong cash flow" and offers Fidelity National "a significant margin expansion opportunity."
