Industry News

Fidelity repurchases common stock

Gains 2.5 million shares

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Fidelity National Financial today announced it has repurchased more than 2.5 million shares of FNF common stock from Willis Stein & Partners, a Chicago-based private equity firm, and J.P. Morgan Chase, as escrow agent for the former stockholders of Aurum Technology Inc. FNF acquired Aurum in March 2004. FNF paid total consideration of $112.2 million, or $44.35 per share, for the 2,530,346 shares of stock, a discount to the closing price of FNF's common stock on Dec. 13, 2004. Willis Stein was the lead investor in an investment group that owned Aurum Technology at the time of FNF's acquisition of Aurum. Willis Stein received its shares of FNF common stock as a portion of the purchase price of Aurum. "We announced last week that we intend to implement a stock repurchase program once the recapitalization of Fidelity National Information Services is complete," said Chairman and Chief Executive Officer William P. Foley II. "While that transaction has not closed, we do have current stoc...