Fidelity National to Buy 77% Stake in San Diego Firm
Fidelity National Financial Inc., which operates the nation’s largest title insurer, said Wednesday that it has reached a tentative agreement to acquire a 77% stake in a San Diego firm and would fold a number of its real estate-related services into it.
The parent of Fidelity National Title Insurance Co. in Irvine did not disclose the price it would pay for its interest in Vista Information Solutions Inc., a real estate information and electronic commerce company.
Under terms of the proposal, Fidelity would transfer its tax, credit, flood appraisal and property records businesses into Vista, which provides software that many realty firms use to access home listings.
A final agreement between the companies, which requires approval from Vista shareholders, is expected within the next 30 days. No decision has been made yet on where Vista would be based.
Fidelity’s stock rose 88 cents Wednesday to close at $36.05 a share on the New York Stock Exchange. Vista’s stock, traded on Nasdaq, increased 47 cents to close at $1.91 a share.
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