Fidelity National Financial officially announced that it will acquire Lender Processing Services, following a HousingWire report on Thursday stating buyout talks were in the works.
FNF (FNF) will buy the outstanding common stock of LPS (LPS) for $33.25 per common share for a total equity value of approximately $2.9 billion, LPS said.
In addition, LPS announced FNF will combine its ServiceLink business in a new consolidated holding company.
“As the mortgage industry continues to face increasing regulation, participants in the industry are seeking out those strategic partners who offer quality, comprehensive solutions, a strong balance sheet and a commitment to innovation,” said Hugh Harris, president and CEO of LPS.
“We have set a target of $100 million for cost synergies and are confident that we can meet or exceed that goal,” he added.
