Fidelity National Financial today announced a restructuring plan that will merge Fidelity National Financial with Fidelity National Information Services, a software and information technology company.
Under the plan, Fidelity National Financial’s corporate existence will cease and the company will be merged with Fidelity National Information Services.
The deal is expected to close in the fourth quarter.
After this merger, Fidelity National Title, a title insurance unit of Fidelity National Financial, will change its name to Fidelity National Financial and change its NYSE ticker symbol to “FNF,” according to media reports.
William P. Foley II will remain CEO of Fidelity National Financial and Alan L. Stinson will remain COO of the new organization.
In a separate deal, Fidelity National Financial will create a spinoff company by contributing most of its assets and liabilities (but will retain its ownership interest in Fidelity National Information Services) to Fidelity National Title Group, in exchange for the title insurance group’s Class A stock, according to the Associated Press.
The deal is expected to close in the fourth quarter.
After the close of the transaction, Fidelity National Financial will have about 51 percent ownership in Fidelity Information Services, according to the AP.
