Fidelity National Financial, Inc. Announces Sale of Fidelity National Capital, Inc.
September 25 2009 - 4:53PM
PR Newswire (US)
JACKSONVILLE, Fla., Sept. 25 /PRNewswire-FirstCall/ -- Fidelity
National Financial, Inc. (NYSE:FNF), a leading provider of title
insurance, specialty insurance, claims management services and
information services, today announced the sale of Fidelity National
Capital, Inc. ("FN Capital") to Winthrop Resources Corporation
("WRC"), a subsidiary of TCF Financial Corporation (NYSE:TCB). FN
Capital is a provider of technology financing and leasing
solutions. Total net proceeds to FNF from the sale of FN Capital
stock, after the repayment of certain FN Capital debt, were
approximately $50 million. The sale of FN Capital will result in a
reduction of approximately $214 million of primarily non-recourse
consolidated debt on the FNF balance sheet. As of June 30, 2009,
this would have resulted in a pro forma total debt to capital ratio
of approximately 22%, versus the previously reported 26%. "We are
focused on generating value from many of the investments we have
made over the last several years," said Chairman William P. Foley,
II. "While FN Capital was a relatively small business for FNF, its
strong growth has resulted in more than $200 million of primarily
non-recourse debt on our consolidated balance sheet and we believe
this sale is a great opportunity to continue to delever our balance
sheet and to monetize an investment. We are confident that FN
Capital will continue to thrive under the ownership of WRC."
Fidelity National Financial, Inc. (NYSE:FNF), is a leading provider
of title insurance, specialty insurance, claims management services
and information services. FNF is the nation's largest title
insurance company through its title insurance underwriters -
Fidelity National Title, Chicago Title, Commonwealth Land Title,
Lawyers Title, Ticor Title, Security Union Title and Alamo Title -
that collectively issue more title insurance policies than any
other title company 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. FNF is also a leading information
services company in the human resource, retail and transportation
markets through another minority-owned subsidiary, Ceridian
Corporation. 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 and Treasurer of
Fidelity National Financial, Inc., +1-904-854-8120, Web Site:
http://www.fnf.com/
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