Real Estate Trends Update: Fidelity Backs Out of LandAmerica Deal
On November 7th, while I was at the NAR convention in Orlando, Fidelity surprised us all by announcing that it would be acquiring LandAmerica in an all stock deal valued at $128 million. This merger would have great the largest title insurance group with about a 45% market share. In terms of the agreement Fidelity had time till today, November 21st to back out of the deal based on their due diligence. Well, last night, Friday at 8:00PM Eastern time they did exactly that. The deals off!
Loading ...
RSS Feed
UPDATE on December 17, 2008.
Fidelity National Financial Inc. has been given the green light from the Nebraska Insurance Regulators and a federal bankruptcy court in Virginia to buy LandAmerica Financial Group Inc.’s two largest underwriting subsidiaries, Lawyers Title Insurance Corp. and Commonwealth Land Title Insurance Co., for $282 million.
Leave your response!