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Fidelity National Financial Receives FTC Clearance for Acquisition of Lender Processing Services
- Client News
- December 24, 2013
Practices
Paul, Weiss client Fidelity National Financial, Inc., a leading provider of title insurance and transaction services to the real estate and mortgage industries, achieved a significant milestone when the Federal Trade Commission voted 3-1 to accept a proposed consent order clearing Fidelity's acquisition, along with affiliates of Thomas H. Lee Partners, L.P., of Lender Processing Services, Inc. During the course of the FTC's investigation, which included a "second request" and several investigational hearings, Commission staff examined multiple theories of potential competitive harm, but in the end required only that Fidelity divest an interest in or a copy of overlapping title plants in six Oregon counties. The FTC did not require any other alterations to the acquisition. Commissioner Joshua Wright dissented from the Commission's decision and would have cleared the transaction without requiring any divestitures.
The Paul, Weiss team included litigation partners Joseph Simons and Aidan Synnott; and corporate counsel Didier Malaquin.