Fidelity Calls Off $1.2B Stewart Deal After FTC Challenge
Law360 (September 10, 2019, 10:35 AM EDT) -- Title insurance giant Fidelity National Financial Inc. said Tuesday it has called off its planned $1.2 billion purchase of real estate services provider Stewart Information Services Corp. following a challenge from the Federal Trade Commission.
Fidelity called off the merger Tuesday, after the Federal Trade Commission said Friday that the tie-up would hurt competition in state and local markets. (AP)
The FTC’s administrative complaint seeking to block the merger caused the deal to fall apart, according to the announcement. Fidelity said it will pay $50 million to Stewart for the deal’s termination.
FTC commissioners on Friday voted 3-1 to approve an...
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