Fidelity National Financial is going to acquire Stewart Information Services, it’s biggest competitor and a provider of title insurance as well as other real estate services, for $1.2 billion. The deal is set to close by the first or second quarter of next year.
Stewart Information Services says that this merger seems to be the best available option for the company to grow and to enable them to better serve their customers. Fidelity National Financial’s chairman says that they are “excited to welcome Stewart, its employees and its customers to the FNF family”.
- Fidelity National Financial will be purchasing Stewart Information Services for $1.2 billion in a deal that is set to close by 2019.
- This merger is considered the best alternative for the Stewart company’s future.
- Stewart will be operating under Fidelity National Financial and their other title brands.
- How this massive merger will affect real estate is still unclear, but one thing’s for sure, big companies can make big changes.
The title insurance world is about to get a whole lot smaller, as Fidelity National Financial is set to buy Stewart Information Services in a massive $1.2 billion deal.
Fidelity is already one of the nation’s largest title insurance and settlement services provider, and now, it’s set to acquire one of its biggest competitors.
Beyond being one of the biggest title insurance companies, Stewart also provides appraisal and valuation services and other offerings to the real estate industry.
“Last year, our board initiated a review of strategic alternatives for the company, and after an extensive process, we determined that capitalizing on the Fidelity platform will best enable us to support the Stewart brand and continue providing the service our customers have come to expect,” Apel said. “Combining with Fidelity National Financial will create a strong portfolio of customers and business relationships, and will provide us with the ability to grow the Stewart brand.”
According to Fidelity National Chairman William Foley, Stewart will operate under the Fidelity umbrella, along with the company’s other title brands, which include Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title, and National Title of New York.
View the original article at HousingWire