Fidelity National chairman says merger with LandAmerica should be complete by late March

By Jennifer Lanning Drey

Portland, Ore., Nov. 7 - Fidelity National Financial, Inc. chairman William Foley III said he believes the company's proposed acquisition of LandAmerica Financial Group, Inc. is likely to close around March 31.

In addition to LandAmerica shareholder approval, the merger agreement is subject to antitrust and state regulatory approvals.

Regarding the antitrust approval, Foley said Friday during a conference call held to discuss the transaction that he does not expect to encounter any difficulties if the Federal Trade Commission is consistent with its past approaches to situations in similar transactions.

Foley also said the company has been in discussions regarding regulatory approval with the state of Nebraska, which is supportive of the transaction.

"This merger is a tremendous opportunity for FNF and one that we are confident will create significant long-term value for our shareholders," he said.

The company expects to realize $50 million of cost synergies immediately upon consummation of the merger and an additional $100 million to follow.

Based in Jacksonville, Fla., Fidelity National is a provider of title insurance, specialty insurance, claims management services and information services.

LandAmerica is a provider of real estate transaction services based in Richmond, Va.

Mentioned in this article:

Fidelity National Financial NYSE: FNF

LandAmerica Financial Group NYSE: LFG

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