Fidelity, Thomas H. Lee Partnering for Lender Processing Deal
May 29, 2013
Fidelity National Financial (NYSE: FNF) has agreed to acquire Lender Processing Services (NYSE: LPS) for a total equity value of about $2.9 billion. The deal is being led by Fidelity, which will combine its ServiceLink business with LPS to form a new consolidated holding company. PE firm Thomas H. Lee Partners will purchase a 19% minority equity interest in the new company for about $381 million in cash. Based in Jacksonville, LPS provides technology and data solutions to mortgage lenders, servicers and investors, supporting clients' mortgage lending and servicing operations, meeting unique regulatory and compliance requirements and mitigating risk. Bank of America Merrill Lynch and J.P. Morgan are providing committed financing to Fidelity to support the transaction.