A title insurance giant has announced its acquisition of a leading mortgage processor in a $2.9bn deal
A title insurance giant has announced its acquisition of a leading mortgage processor.
Fidelity National Financial (FNF) has acquired Lender Processing Services (LPS) in a $2.9bn deal. FNF claimed the deal would make it "the nation's leading title insurance, mortgage technology and mortgage services provider".
The acquisition will see FNP acquire all the outstanding common stock for LPS.
LPS President and CEO Hugh Harris said the buy-out would expand the capabilities of both companies.
"As the mortgage industry continues to face increasing regulation, participants in the industry are seeking out those strategic partners who offer quality, comprehensive solutions, a strong balance sheet and a commitment to innovation," Harris said.
"The combined LPS and FNF offer comprehensive technology and services to address many of the challenges facing the industry today and the best solutions to support future success."