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Fidelity Strikes PE-Backed $3B Deal For Mortgage Co. LPS

Law360, New York (May 28, 2013, 1:48 PM EDT) -- Fidelity National Financial Inc. has struck a $2.9 billion cash-and-stock deal to buy former spinoff Lender Processing Services Inc. using cash from Thomas H. Lee Partners LP to grease the deal's wheels, the companies announced Tuesday.

Per the deal, Fidelity will shell out about $33.25 for each LPS share — with half that price being paid in cash and the other half in Fidelity stock. LPS will then be folded into Fidelity's ServiceLink business, with Boston-based Thomas H. Lee buying a 19 percent stake in the new entity — dubbed Black Knight Financial Services Inc. —  for about $381 million....

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