Following today’s announcement by Fidelity National Financial, Inc., Bureau of Competition Director Bruce Hoffman made this statement:
“Today’s announcement from Fidelity National Financial, Inc. and Stewart Information Services Corporation that they will abandon their proposed transaction is good news for everyone who requires title insurance when purchasing real estate in the United States. These customers will continue to benefit from vigorous competition for title insurance underwriting and title information services.”
Last week, the Commission voted 3-1-1 to issue the administrative complaint and authorize staff to seek a temporary restraining order and preliminary injunction in federal district court to stop the proposed $1.2 billion acquisition.
The FTC alleged that the merger would reduce the “Big 4” to the “Big 3” title insurers, substantially reducing competition in state markets for title insurance underwriting for large commercial transactions and in several local markets for title information services.
NOTE: The Commission issues an administrative complaint when it has “reason to believe” that the law has been or is being violated, and it appears to the Commission that a proceeding is in the public interest.
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