FNF, FNIS Sign Merger Pact

Fidelity National Financial Inc., Jacksonville, Fla., and Fidelity National Information Services Inc. have announced a merger agreement under which FNF will be merged into FNIS, which will be the surviving entity.The merger agreement, previously reported as a proposal, will be consummated after the closing of a securities exchange and distribution agreement between FNF and Fidelity National Title Group Inc., FNF's majority-owned title insurance subsidiary. Under that agreement, FNF will contribute substantially all its assets and liabilities (other than its ownership interests in FNIS) to FNTG in exchange for shares of FNTG's class A common stock, the companies reported. Immediately after that exchange, FNF will convert its class B common stock of FNTG into shares of FNTG class A common stock and distribute all the class A shares as dividends to FNF stockholders. These transactions will leave FNF with an approximately 51% ownership in FNIS as its only asset prior to the merger, the companies said. William P. Foley II, FNF's chairman and chief executive officer, will become executive chairman of FNIS.