Title insurer Fidelity National Financial will sell a number of its databases to meet U.S. charges its proposed $2.9 billion acquisition of Lender Processing Services Inc hurt competition, the Federal Trade Commission said on Tuesday. The FTC had said in a complaint that the acquisition would likely lessen competition in six counties in Oregon and in the Portland, Oregon, metropolitan area, and violate U.S. antitrust laws.Fidelity provides insurance against the risk that flaws in legal documentation on the ownership of land or property causes financial losses.LPS, a provider of technology, transaction services and data analytics to the mortgage and real estate industries, also owns a number of databases of several local markets in Oregon, known as title plants.Fidelity has agreed to sell LPS's title plants in the counties of Clatsop, Columbia, Coos, Josephine, Polk and Tillamook, as well as part of the joint title plant serving Portland, the FTC said.
Fidelity National Financial, Inc. (FNF) is a holding company. Shares of FNF traded higher by 2.94% or $0.94/share to $32.94. In the past year, the shares have traded as low as $21.99 and as high as $32.07. On average, 3475600 shares of FNF exchange hands on a given day and today's volume is recorded at 2955122.
Lender Processing Services, Inc. (LPS) is a provider of integrated technology, data and services to the mortgage lending industry. Shares of LPS traded higher by 1.43% or $0.53/share to $37.58. In the past year, the shares have traded as low as $21.23 and as high as $37.05. On average, 929916 shares of LPS exchange hands on a given day and today's volume is recorded at 2439946.
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