Fidelity Completes Buy
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IRVINE — Fidelity National Financial Inc. said Tuesday that it completed its $22-million cash-and-stock purchase of a Kansas title insurer to became the nation’s fourth-largest title underwriter.
Fidelity, which had been the fifth-largest, said it paid $19.3 million in cash plus 176,000 shares of stock to acquire Nations Title Inc. in Overland Park, Kan. Fidelity and Nations Title, the industry’s eighth-largest insurer, had combined revenue last year of $640 million.
Nations will beef up Fidelity’s presence in the Midwest and the East and will provide it with a network of independent agents that dominate those markets, said Frank P. Willey, Fidelity’s president. Fidelity uses mostly its own employee sales network.
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