Fidelity National Financial, Inc. announces Chapter 11 Bankruptcy Court approval of amended stock purchase terms and Nebraska rehabilitation order to release Commonwealth Land Title and Lawyers Title from rehabilitation.
The amended terms will reduce the total purchase price for Commonwealth and Lawyers to approximately $235 million. Chicago Title Insurance Company (“Chicago Title”) and Fidelity National Title Insurance Company (“Fidelity National Title”) will pay a total of approximately $135 million in cash to LFG.
FNF will also pay LFG a total consideration of approximately $100 million consisting of a $50 million subordinated note due in 2013, with interest at the 5-year treasury rate at closing plus 1%, and approximately $50 million in FNF common stock.
Additionally, the Nebraska rehabilitation court has issued an order to release Commonwealth and Lawyers from rehabilitation subject to the closing of the FNF acquisition of the two underwriters. FNF expects closing of the transaction to take place later this week, subject to the satisfaction of all remaining closing conditions.
L.D.