JACKSONVILLE, Fla.,
May 8, 2017 /PRNewswire/
-- Fidelity National Financial, Inc. today announced that FNFV
Group (NYSE: FNFV) has signed a definitive agreement to sell One
Digital Health and Benefits ("One Digital") for $560 million in an all-cash transaction.
After repayment of debt, payout to option holders and a minority
equity investor and other transaction related payments, FNFV
expects to receive approximately $330
million in cash from the sale. Closing is contingent
on HSR clearance and is expected in the second quarter of 2017.
"We are excited to monetize One Digital at an attractive price
for our shareholders and recognize a cash monetization of
approximately $330 million," said
Chairman William P. Foley, II.
"We have seen tremendous growth in One Digital in our roughly 4 ½
year ownership and are proud of the success One Digital and FNFV
have enjoyed together. We believe that One Digital will
continue to flourish under its new ownership."
"We are thrilled about this transaction for FNFV and their
shareholders," said One Digital President and CEO Adam Bruckman. "They have been an ideal
partner for us over the past 4 ½ years as illustrated by our
tremendous growth and success over that time period. We are equally
excited to partner with our new investors for this next chapter as
we look to build upon our industry leading growth and leadership
position in the employee benefits marketplace."
Triple Tree acted as the exclusive financial advisor to FNFV and
One Digital for this transaction.
About Fidelity National Financial, Inc.
Fidelity
National Financial, Inc. is organized into two groups, FNF Group
(NYSE: FNF) and FNFV Group (NYSE: FNFV). FNF is a leading
provider of title insurance, technology and transaction services to
the real estate and mortgage industries. FNF is the nation's
largest title insurance company through its title insurance
underwriters - Fidelity National Title, Chicago Title, Commonwealth
Land Title, Alamo Title and National Title of New York - that collectively issue more title
insurance policies than any other title company in the United
States. FNF also provides industry-leading mortgage
technology solutions and transaction services, including MSP®, the
leading residential mortgage servicing technology platform in the
U.S., through its majority-owned subsidiaries, Black Knight
Financial Services and ServiceLink Holdings. FNFV holds
majority and minority equity investment stakes in a number of
entities, including American Blue Ribbon Holdings, LLC, Ceridian
HCM, Inc., Digital Insurance, Inc. and Del
Frisco's Restaurant Group, Inc. More information about
FNF and FNFV can be found at www.fnf.com.
Forward-Looking Statements
This press release contains
forward-looking statements that involve a number of risks and
uncertainties. Statements that are not historical facts, including
statements regarding our expectations, hopes, intentions or
strategies regarding the future are forward-looking statements.
Forward-looking statements are based on management's beliefs, as
well as assumptions made by, and information currently available
to, management. Because such statements are based on expectations
as to future financial and operating results and are not statements
of fact, actual results may differ materially from those projected.
We undertake no obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise. The risks and uncertainties which
forward-looking statements are subject to include, but are not
limited to: changes in general economic, business and political
conditions, including changes in the financial markets; weakness or
adverse changes in the level of real estate activity, which may be
caused by, among other things, high or increasing interest rates, a
limited supply of mortgage funding or a weak U. S. economy; our
potential inability to find suitable acquisition candidates,
acquisitions in lines of business that will not necessarily be
limited to our traditional areas of focus, or difficulties in
integrating acquisitions; our dependence on distributions from our
title insurance underwriters as a main source of cash flow;
significant competition that our operating subsidiaries face;
compliance with extensive government regulation of our operating
subsidiaries; and other risks detailed in the "Statement Regarding
Forward-Looking Information," "Risk Factors" and other sections of
the Company's Form 10-K and other filings with the Securities and
Exchange Commission.
FNF - G
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SOURCE Fidelity National Financial, Inc.