March 19, 2018 / 12:16 PM / 3 months ago

BRIEF-Fidelity National Financial Announces Signing Of Merger Agreement To Acquire Stewart Information Services

March 19 (Reuters) - Fidelity National Financial Inc :

* FIDELITY NATIONAL FINANCIAL, INC. ANNOUNCES SIGNING OF A MERGER AGREEMENT TO ACQUIRE STEWART INFORMATION SERVICES FOR $50 PER SHARE IN COMBINATION OF CASH AND FNF COMMON STOCK

* DEAL FOR ABOUT $1.2 BILLION

* ‍CONSIDERATION WILL BE PAID 50% IN CASH AND 50% IN FNF COMMON STOCK​

* ‍STEWART STOCKHOLDERS WILL HAVE OPTION TO ELECT TO RECEIVE CONSIDERATION IN ALL CASH OR ALL STOCK

* ‍FNF INTENDS TO ACHIEVE AT LEAST $135 MILLION IN OPERATIONAL COST SYNERGIES AS PART OF DEAL​

* ‍CO EXPECTS DEAL TO BE AT LEAST 15% ACCRETIVE TO PRO FORMA 2017 ADJUSTED NET EPS AT THAT OPERATIONAL COST SYNERGY TARGET​

* CO INTENDS TO FUND PURCHASE PRICE THROUGH COMBINATION OF CASH ON HAND AT FNF, DEBT FINANCING, ISSUANCE OF FNF STOCK

* ‍PURCHASE PRICE WILL BE ADJUSTED DOWN ON PRO-RATA BASIS, IF DIVESTITURES ARE NEEDED FOR REGULATORY APPROVALS FOR DEAL​ Source text for Eikon: Further company coverage:

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