Real estate information and technology firm Lender Processing Services is once again under the umbrella of title insurer Fidelity National Financial Inc. now that a $2.9 billion deal to acquire the company has closed.

FNF issued 25.9 million shares of common stock to shareholders of LPS as the stock component of the deal, which included $28.10 in cash and $9.04 in FNF common stock for each share of LPS common stock.

The purchase of LPS creates a source of new business for FNF as the market demand for bundled technology and services grows across the mortgage industry, American Banker reported.

Both companies dominated their respective core areas, the news outlet said, noting that FNF issues more title insurance policies than any other title company and LPS’ Mortgage Servicing Package is the system of record for about half of all U.S. mortgages, as measured by dollar volume.

The Federal Trade Commission approved the deal at the end of last month with the caveat that six title plants — databases used to determine the title status of a real property — in Oregon be sold to resolve antitrust concerns.

Source: American Banker

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription