Fidelity National Ups Stake in ServiceLink
Fidelity National Financial has recapitalized ServiceLink Holdings, increasing its ownership in the transaction services company.
Jacksonville, Fla.-based Fidelity National now holds a 79% stake in the company, having possessed a 65% stake previously. The change comes after it converted $505 million of $566 million in intercompany note principal and interest into additional equity ownership. Until this deal, Thomas H. Lee Partners held a 35% stake in ServiceLink.
Following the move, ServiceLink now has $61 million in principal and interest in intercompany debt and $580 million in mirror note principal.
Fidelity National holds a majority ownership in both ServiceLink and Black Knight Financial Services. The company itself is split across two groups: FNF Group, the nation's largest title insurance underwriter, and FNFV Group, which is a tracking stock for the company's non-real-estate investments.