Fidelity National Financial, Inc. Retains J.P. Morgan
Fidelity National Financial, Inc. Retains J.P. Morgan as Financial Advisor to Explore Strategic Alternatives with Respect to its Portfolio Company Investments
Jacksonville, Fla. — (December 10, 2013) — Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance and transaction services to the real estate and mortgage industries, today announced that it has retained J.P. Morgan Securities LLC to work with FNF management to identify strategic alternatives for FNF’s portfolio company investments, potentially including a tracking stock, spin-offs, sales and other potential strategic alternatives, to both monetize and highlight the value of FNF’s portfolio investments for the benefit of its shareholders.
“Our energies are focused on the pending acquisition of Lender Processing Services and opportunities to grow our core businesses,” saidFNF Chairman William P. Foley, II. “Future free cash flow from core operations is expected to be used to pay down debt, invest in core operations, pay dividends and repurchase shares and not for acquisitions outside of our core business. The portfolio company investments have significant value which may not be fully reflected in our stock price and we believe there are attractive alternatives we can pursue to unlock the value of these investments for the benefit of FNF and our shareholders. We remain committed to continually prioritizing our resources in order to maximize total shareholder return.”
Fidelity National Financial, Inc. (NYSE:FNF), is a leading provider of title insurance, mortgage services and diversified services. FNF is the nation’s largest title insurance company through its title insurance underwriters – Fidelity National Title, Chicago Title, Commonwealth Land Title and Alamo Title – that collectively issue more title insurance policies than any other title company in the United States. FNF also owns a 55% stake in American Blue Ribbon Holdings, LLC, a restaurant owner and operator of the O’Charley’s, Ninety Nine Restaurant, Max & Erma’s, Village Inn, Bakers Square and Stoney River Legendary Steaks concepts. In addition, FNF also owns a 51% stake in Remy International, Inc., a leading designer, manufacturer, remanufacturer, marketer and distributor of aftermarket and original equipment electrical components for automobiles, light trucks, heavy-duty trucks and other vehicles. FNF also owns a minority interest in Ceridian Corporation, a leading provider of global human capital management and payment solutions. More information about FNF can be found at www.fnf.com.
SOURCE: Fidelity National Financial, Inc.