FNF Plans Noninsurance Ops Spinoff

Fidelity National Financial Inc., Jacksonville, Fla., has announced a filing with the Securities and Exchange Commission relating to a proposed spinoff of its noninsurance operations into a separately traded public company.The new company, Fidelity National Information Services Inc., would issue common stock in an initial public offering. FNF said it plans to later distribute all its ownership interest in the new company in a tax-free spinoff through a special dividend to FNF common stockholders. FNF chairman and chief executive officer William P. Foley II said the spinoff will allow FNF to better position its financial institution processing, outsourcing, and real estate information businesses and "provide a separate, publicly traded currency that can be used in its business, including helping to finance future acquisitions." FNF will focus on title insurance and its other specialty insurance businesses, he said. The new company will consist of three main segments: Financial Institution Software and Services, including FNF's mortgage processing business; Lender Outsourcing Solutions; and Information Products and Services. Mr. Foley will become chairman and CEO of the new company. He will remain chairman of FNF, and Randy Quirk, now president, will assume the role of CEO. FNF can be found online at http://www.fnf.com.