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Fidelity National Information Services

Fidelity National Agrees to Buy Lender Processing for $2.9 Billion

Fidelity National Financial Inc. (FNF) has agreed to buy Lender Processing Services Inc. (LPS) for about $2.9 billion in cash and stock, bringing the mortgage and real estate focused services company back under the umbrella of its one-time parent."This combination will create a larger, broader, more diversified and recurring revenue base for FNF and makes us the nation's leading title insurance, mortgage technology and mortgage services provider," Fidelity National Chairman William P. Foley II said.At closing, Fidelity will combine its ServiceLink business with Lender Processing in a new company and sell a 19% minority equity interest to Thomas H. Lee Partners L.P. for about $381 million in cash. Fidelity will retain an 81% ownership interest in the new company.Lender Processing in 2008 was spun out of the financial data-processing firm Fidelity National Information Services Inc., which was formed by the 2006 merger of a Fidelity National Financial unit and Certergy Inc. Thomas H. Lee ...

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