In New York, LandAmerica Financial Group Inc. is planning to file for bankruptcy protection. The title insurer revealed its plans today and also revealed that its competitor, Fidelity National Financial Inc., will acquire all three of LandAmerica's subsidiary companies.
According to sources, the
bankruptcy filing for LandAmerica's holding company, subsidiary LandAmerica 1031 services Inc. and sale of the subsidiaries occurred shortly after Fidelity National cancelled an agreement with the company. Previously, Fidelity National, which is based in Florida, had planned to purchase all of the Richmond, Virginia based LandAmerica. The $128.4 million deal called for Fidelity National to acquire LandAmerica in an all-stock acquisition.
Now, a subsidiary of Fidelity National, Chicago Title Insurance Co., will acquire Commonwealth Land Insurance Co. for approximately $158.6 million and Fidelity National Title Insurance Co. will acquire Lawyers Title Insurance Corp. and United Capital Title Insurance Co. for an expected $139.4 million.
All acquisitions are expected to close relatively soon, as early as end of December.
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