Fidelity Buys Back 2.5 Million Shares

Fidelity National Financial has repurchased just over 2.5 million shares of its common stock from Willis Stein & Partners, a Chicago-based private-equity firm, and J.P. Morgan Chase, as escrow agent for the former shareholders of Aurum Technology, which was acquired by Fidelity last March.

FNF paid $112.2 million, or $44.35 per share, for the 2,530,346 shares of common stock. That's a discount to the closing price of FNF's common stock on Monday Dec. 13, when the stock closed at $45.10. Willis Stein had been the lead investor in an investment group that owned Aurum Technology at the time of FNF's acquisition of Aurum.

"We announced last week that we intend to implement a stock repurchase program once the recapitalization of Fidelity National Information Services is complete," said chairman and CEO William Foley. "While that transaction has not closed, we do have current stock repurchase authorization and this opportunity with Willis Stein presented FNF an efficient means to repurchase a large block of stock through resources already available to the company. We continue to believe that the repurchase of FNF stock is an attractive use of our capital that provides immediate value for FNF stockholders."

Copyright 2005 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.mortgageservicingnews.com

Next in News ►