Fidelity National Closes Purchase of LPS


Fidelity National Financial has closed on its purchase of Lender Processing Services, the company says in a press release issued after the stock market closed on Thursday.

Total compensation for LPS is $37.14 per share, consisting of $28.10 in cash and $9.04 in FNF common stock, the title insurer had said on Monday. LPS closed on Thursday at $37.30 per share, down $0.08 from Tuesday. FNF closed at $32.25 per share, down $0.20. It lost an additional $0.15 per share in after-hours trading before the LPS announcement was released.

FNF will issue approximately 25.9 million shares of its common stock to former LPS stockholders.

At the time the deal was announced in May, FNF had valued LPS at $33.25 per share. The cash/stock ratio was changed several times, and in October, FNF said 82% of the compensation would come in cash.

On Dec. 24, the Federal Trade Commission approved the deal with the caveat that six title plants in Oregon be sold.

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