Fidelity National Financial, Inc. Announces Acquisition of ATM Holdings, Inc.
August 01 2007 - 9:13AM
PR Newswire (US)
JACKSONVILLE, Fla., Aug. 1 /PRNewswire-FirstCall/ -- Fidelity
National Financial, Inc. (NYSE:FNF), a leading provider of title
insurance, specialty insurance and claims management services
through a portfolio of companies, today announced that it has
signed a definitive agreement to acquire ATM Holdings, Inc.
("ATM"), a provider of nationwide mortgage vendor management
services to the loan origination industry. ATM's primary subsidiary
is a licensed title insurance agency which provides centralized
title and closing services and a full suite of valuation and
appraisal services to national residential mortgage originators,
banks and institutional mortgage lenders throughout the United
States. It has relationships with eight of the top fifty mortgage
originators in the country and is licensed in forty-two states, as
well as the District of Columbia. ATM also owns and operates Vision
Global Solutions, a proprietary software system that is used to
manage the fulfillment of third-party settlement services by more
than eleven major lenders. "The ATM acquisition, combined with
ServiceLink, our existing national lender platform, enables FNF to
provide its lender customers with a broader suite of centralized
title and closing services, as well as access to a full suite of
valuation products and appraisal services for both refinance and
emerging lender-driven purchase transactions," said Chairman
William P. Foley, II. "The valuation and appraisal expertise of ATM
and the existing centralized title and closing platform of
ServiceLink will make FNF an even more formidable service provider
in the growing national lender residential mortgage origination
market." "The addition of ATM's management team, client base,
technology suite and product offerings perfectly complements
ServiceLink's existing business model and enhances our value
proposition to our clients," said Jeff Coury, President of
ServiceLink. Closing of the transaction is expected before the end
of the third quarter, subject to customary closing conditions,
including the receipt of Hart Scott Rodino approval. Fidelity
National Financial, Inc. (NYSE:FNF), is a leading provider of title
insurance, specialty insurance and claims management services. FNF
is one of the nation's largest title insurance companies through
its title insurance underwriters -- Fidelity National Title,
Chicago Title, Ticor Title, Security Union Title and Alamo Title --
that issue approximately 28 percent of all title insurance policies
in the United States. FNF also provides flood insurance, personal
lines insurance and home warranty insurance through its specialty
insurance business. FNF also is a leading provider of outsourced
claims management services to large corporate and public sector
entities through its minority-owned subsidiary, Sedgwick CMS. More
information about FNF can be found at http://www.fnf.com/. This
press release contains forward-looking statements that involve a
number of risks and uncertainties. Statements that are not
historical facts, including statements about our beliefs and
expectations, are forward-looking statements. Forward-looking
statements are based on management's beliefs, as well as
assumptions made by, and information currently available to,
management. Because such statements are based on expectations as to
future economic performance and are not statements of fact, actual
results may differ materially from those projected. We undertake no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise. The risks
and uncertainties which forward-looking statements are subject to
include, but are not limited to: changes in general economic,
business and political conditions, including changes in the
financial markets; adverse changes in the level of real estate
activity, which may be caused by, among other things, high or
increasing interest rates, a limited supply of mortgage funding or
a weak U. S. economy; our potential inability to find suitable
acquisition candidates, acquisitions in lines of business that will
not necessarily be limited to our traditional areas of focus, or
difficulties in integrating acquisitions; our dependence on
operating subsidiaries as a source of cash flow; significant
competition that our operating subsidiaries face; compliance with
extensive government regulation of our operating subsidiaries; and
other risks detailed in the "Statement Regarding Forward-Looking
Information," "Risk Factors" and other sections of the Company's
Form 10-K and other filings with the Securities and Exchange
Commission. DATASOURCE: Fidelity National Financial, Inc. CONTACT:
Daniel Kennedy Murphy, Senior Vice President, Finance and Investor
Relations of Fidelity National Financial, Inc., +1-904-854-8120,
Web site: http://www.fnf.com/
Copyright
Fidelity National Financ... (NYSE:FNF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Fidelity National Financ... (NYSE:FNF)
Historical Stock Chart
From Jul 2023 to Jul 2024