FIDELITY NATIONAL FINANCIAL INC. SIGNS LETTER OF INTENT FOR THE PURCHASE OF SECURITY TITLE AND GUARANTY CO.
FIDELITY NATIONAL FINANCIAL INC. SIGNS LETTER OF INTENT FOR THE PURCHASE OF SECURITY TITLE AND GUARANTY CO. IRVINE, Calif., Oct. 5 /PRNewswire/ -- Fidelity National Financial Inc. (NYSE: FNF), a leading title insurance underwriter, announced the signing of a letter of intent for the acquisition of Security Title and Guaranty Co., a New York-based title insurance underwriter. Security Title is a wholly owned subsidiary of Helmsley Enterprises Inc. Under the terms of the letter of intent, Fidelity will pay a purchase price of $21 million in cash at the closing of the transaction upon appropriate regulatory approvals. In addition, concurrently with the close of the transaction, Security Title will cause a dividend of certain assets to be paid to Helmsley Enterprises. William P. Foley II, president and chief executive officer, said, "In addition to further expanding our national market presence and enhancing our market share on the East Coast, the Security Title acquisition will add approximately $46 million in investments and cash to Fidelity's balance sheet." In 1991, Security Title and Guaranty Co. reported total operating revenue of $30,724,187 and a net income of $485,830. Security Title and Guaranty Co. is currently licensed in 24 states, the District of Columbia, the Virgin Islands, the Bahama Islands and British West Indies. Headquartered in Irvine, Fidelity National Financial Inc. issues title insurance and performs other title-related services in 48 states, the District of Columbia, Puerto Rico and the Virgin Islands through Fidelity National Title Insurance Co., Fidelity National Title Insurance Co. of California, Fidelity National Title Insurance Co. of Pennsylvania (formerly Meridian Title Insurance Co.), Fidelity National Title Insurance Co. of Tennessee, Fidelity National Title Insurance Co. of Texas and American Title Insurance Co. -0- 10/5/92 /CONTACT: Frank P. Willey, executive VP and general counsel, or Jo Etta Bandy, VP-investor relations, both of Fidelity National Financial, 714-852-9770/ (FNF) CO: Fidelity National Financial Inc.; Security Title and Guaranty Co.; Helmsley Enterprises Inc. ST: California, New York IN: FIN SU: TNM
LS-JB -- LA007 -- 6436 10/05/92 09:07 EDT
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|Date:||Oct 5, 1992|
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