Fidelity Unit to Buy Affiliate Micro General
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Fidelity National Information Solutions Inc., a provider of data and software to real estate agents and mortgage companies, will buy affiliate Micro General Corp. for $260.8 million in stock to cut costs.
Fidelity National Information will pay 0.696 share of its stock, or $16.65, for each Micro General share, Fidelity Chief Executive Patrick Stone said. That’s a 17% premium over the closing price Monday.
Buying Santa Ana-based Micro General, an electronic real estate data provider, will save $10 million a year in costs, Stone said.
Both companies are majority-owned units of Irvine-based Fidelity National Financial Inc., the biggest U.S. real estate title insurer.
Shares of Santa Barbara-based Fidelity National Information Solutions fell 19 cents to $23.73 while Micro General shares rose $2.18 to $16.43, both on Nasdaq.
Fidelity National Financial shares rose 67 cents to $30.85 on the New York Stock Exchange.
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