Fidelity has agreement to buy back LPS

Title insurer Fidelity National Financial Inc. has an agreement to acquire mortgage and real estate data and analytics company Lender Processing Services Inc. in a deal that values LPS at $2.9 billion.

“We have significant experience and familiarity with LPS from our previous ownership of these businesses,” said FNF Chairman William P. Foley II in a statement. “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.

“We believe there are meaningful synergies that can be generated through the similar businesses in centralized refinance and default-related products, elimination of some corporate and public company costs, and the shared corporate campus. We have set a target of $100 million for cost synergies and are confident that we can meet or exceed that goal.” Source: fnf.com.