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Stock Market & Financial Investment News

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December 24, 2013
11:24 EDTFNF, LPSFTC approves Fidelity National purchase of Lender Processing with conditions
Fidelity National Financial (FNF) has agreed to settle Federal Trade Commission charges that its proposed $2.9B acquisition of Lender Processing Services (LPS) would likely substantially lessen competition by combining the firms’ title plant assets in several local markets in Oregon. To preserve competition, the proposed settlement requires Fidelity to sell a copy of LPS’s title plants in six Oregon counties and an ownership interest equivalent to LPS’s share of a jointly owned title plant in the Portland, Oregon, metropolitan area. The proposed order requires Fidelity to sell a copy of LPS’s title plants serving the following Oregon counties to an FTC-approved acquirer within five months of closing the acquisition: Clatsop, Columbia, Coos, Josephine, Polk, and Tillamook. The required divestitures will preserve the number of independent title plants in each county. In addition, the proposed order requires Fidelity to sell an ownership interest equivalent to LPS’s share in the joint title plant that serves the Portland area to an FTC-approved buyer, also within five months of the deal’s close.
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