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Fidelity to spin off non-insurance operations

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Fidelity National Financial today announced that a Registration Statement on Form S-1 has been filed with the Securities and Exchange Commission in connection with a proposed separation of FNF's non-insurance operations into a separately traded public company to be known as Fidelity National Information Services Inc. ("FIS"). The FNF Board of Directors has approved the transaction. Under the terms of the transaction, FIS intends to issue common stock in an initial public offering. FNF later intends to distribute all of its ownership interest in FIS in a tax-free spin-off, accomplished through an anticipated special dividend to FNF common stockholders. That distribution is expected to occur by mid-2005. Completion of the distribution is contingent upon the satisfaction or waiver of a variety of conditions, including the receipt of a favorable tax ruling from the Internal Revenue Service. "Our bank and financial institution processing, outsourcing and real estate information busine...