Fidelity National Financial, Thomas H. Lee, in Talks to Acquire Lender Processing Services
Title insurer Fidelity National Financial Inc. FNF -4.43% and buyout shop Thomas H. Lee Partners are in advanced talks to acquire Lender Processing Services Inc. LPS -3.16% for about $2.9 billion, according to people familiar with the matter.
The deal would bring Lender Processing Services, which provides services to mortgage lenders, back under the umbrella of Fidelity National Financial, its one-time parent.
Under the terms being discussed, the buyers would pay with a mix of cash and Fidelity National Financial stock, these people said. The deal would value Lender Processing Services shares around $33, some of the people said.
Lender Processing Services shares closed down 3.2%, or about 95 cents, to $29.11 on Wednesday. The stock is up about 21% on the year, with most of the climb coming in the last month. Fidelity National Financial has a market capitalization of about $5.6 billion, while Lender Processing Services is worth about $2.5 billion.
A deal could be announced as soon as early next week, they said.
Lorraine Brown, former president of the mortgage document processor DocX LLC, was sentenced to at least 40 months in prison on a racketeering charge in a robo- signing case,Michigan Attorney General Bill Schuette said.
The Alpharetta, Georgia, resident was sentenced yesterday by Judge Mark Trusock in Grand Rapids, Michigan, and sent to the state corrections department to start her sentence, the attorney general said today in a statement.
Brown’s term could be as long as 20 years, Schuette said. His spokeswoman, Joy Yearout, said today in a phone interview that the duration depends on her conduct while incarcerated.
From the Missouri AG…
– LPS to pay Missouri $2 million and cooperate in ongoing criminalinvestigation of DOCX president Lorraine Brown –
Jefferson City, Mo. – Attorney General Chris Koster today said his office has negotiated a settlement ofcriminal proceedings against mortgage-services company DOCX and an agreement with DOCX parent company Lender Processing Services, Inc. (LPS). In February 2012, Koster obtained criminal indictments against DOCX related to its alleged role in the mortgage-document surrogate-signing scandal of 2010.
Under the agreement, LPS will pay the state of Missouri $2 million and will cooperate with the AttorneyGeneral’s Office in its continuing criminal investigation of founder and former president of DOCX, Lorraine Brown.
See AG settlement.
The foreclosure processor sued by Nevada Attorney General Catherine Cortez Masto in last year’s robosigning cases has now retaliated, suing Masto and alleging due process violations.
In December, Masto’s office sued Lender Processing Services Inc. (LPS) of Jacksonville, Fla., claiming it was involved in widespread fraud involving mass document-signing procedures in which foreclosure documents were fraudulently notarized by the thousands. That suit remains active in Clark County District Court.
The investigation that led to her suit also resulted in criminal charges against several notaries and two LPS officers.
On Wednesday, attorneys for LPS sued Masto in federal court in Las Vegas charging its due process rights were violated in the investigation.