Fidelity National Financial and Stewart Information Services Corp. have agreed to terminate FNF’s proposed merger with Stewart due to the Federal Trade Commission’s issuance of an administrative complaint seeking to block the merger.
FNF said it will make a payment of $50 million to Stewart in connection with the termination of the proposed merger.
Citing a desire to maintain a competitive title insurance marketplace, the FTC last Friday filed an administrative complaint aimed at preventing FNF from buying rival Stewart. The two firms are among four title insurers.
The FTC valued the deal at $1.2 billion.
Topics Mergers & Acquisitions Carriers
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