JACKSONVILLE, Fla.,
Dec. 24, 2013 /PRNewswire/
-- Lender Processing Services, Inc. (NYSE: LPS), a leading
provider of integrated technology, data and analytics to the
mortgage and real estate industries, announced today that the
company will have received Federal Trade Commission (FTC) approval
of its previously announced acquisition by Fidelity National
Financial, Inc. (NYSE:FNF), a leading provider of title insurance
and transaction services to the real estate and mortgage
industries, upon the expiration of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 at
11:59 p.m., Eastern time, on
December 24, 2013. As part of
the approval, LPS and FNF entered into an Agreement Containing
Consent Orders to divest within a period of five months (1) a copy
of LPS' title plant assets covering six Oregon counties and (2) FNF's interest in a
title plant covering Portland,
Oregon. There were no other asset divestitures in the FTC
approval of the transaction.
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LPS stockholders approved the transaction at a special
shareholder meeting on December 19,
2013. Upon the expiration of the waiting period, LPS will
have received all necessary approvals to close this transaction,
which is scheduled for Jan. 2,
2014.
About Lender Processing Services
LPS (NYSE: LPS) delivers comprehensive technology solutions and
services, as well as powerful data and analytics, to the nation's
top mortgage lenders, servicers and investors. As a proven and
trusted partner with deep client relationships, LPS offers the only
end-to-end suite of solutions that provides major U.S. banks and
many federal government agencies the technology and data needed to
support mortgage lending and servicing operations, meet unique
regulatory and compliance requirements and mitigate risk.
These integrated solutions support origination, servicing,
portfolio retention and default servicing. LPS' servicing solutions
include MSP, the industry's leading loan-servicing platform, which
is used to service approximately 50 percent of all U.S. mortgages
by dollar volume. The company also provides proprietary data and
analytics for the mortgage, real estate and capital markets
industries. Lender Processing Services is a Fortune 1000 company
headquartered in Jacksonville,
Fla. For more information, please visit www.lpsvcs.com.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements in this communication regarding the proposed
acquisition of LPS by FNF, the expected timetable for completing
the transaction, benefits and synergies of the transaction, future
opportunities for the combined company and products and any other
statements regarding FNF's and LPS's future expectations, beliefs,
plans, objectives, financial conditions, assumptions or future
events or performance that are not historical facts are
"forward-looking" statements made within the meaning of Section 21E
of the Securities Exchange Act of 1934. These statements are often,
but not always, made through the use of words or phrases such as
"believe," "anticipate," "should," "intend," "plan," "will,"
"expect(s)," "estimate(s)," "project(s)," "positioned," "strategy,"
"outlook" and similar expressions. All such forward-looking
statements involve estimates and assumptions that are subject to
risks, uncertainties and other factors that could cause actual
results to differ materially from the results expressed in the
statements. Among the key factors that could cause actual results
to differ materially from those projected in the forward-looking
statements are the following: the ability to consummate the
proposed transaction; the ability of FNF to successfully integrate
LPS' operations and employees and realize anticipated synergies and
cost savings; the potential impact of the announcement or
consummation of the proposed transaction on relationships,
including with employees, suppliers, customers and competitors; FNF
and LPS are subject to intense competition and increased
competition is expected in the future; LPS's ability to adapt its
services to changes in technology or the marketplace; the impact of
changes in the level of real estate activity (including, among
others, loan originations, and refinancings in particular, and
foreclosures) on demand for certain of LPS's services; LPS's
ability to maintain and grow its relationship with its customers;
the effects of LPS's substantial leverage on its ability to make
acquisitions and invest in its business; the level of scrutiny
being placed on participants in the foreclosure business; risks
associated with federal and state enforcement proceedings,
inquiries and examinations currently underway or that may be
commenced in the future with respect to LPS's default management
operations, and with civil litigation relating to these matters;
changes to the laws, rules and regulations that regulate LPS's
businesses as a result of the current economic and financial
environment; changes in general economic, business and political
conditions, including changes in the financial markets; the impact
of any potential defects, development delays, installation
difficulties or system failures on LPS's business and reputation;
and risks associated with protecting information security and
privacy. Additional information concerning these and other factors
can be found in LPS's and FNF's filings with the Securities and
Exchange Commission ("SEC"), including LPS's and FNF's most recent
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q,
Current Reports on Form 8-K, and the definitive proxy
statement/prospectus filed with the SEC on October 31, 2013. FNF and LPS assume no
obligation to update the information in this communication, except
as otherwise required by law. Readers are cautioned not to place
undue reliance on these forward-looking statements that speak only
as of the date hereof and LPS undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.
SOURCE Lender Processing Services, Inc.