Stewart Information calls off $1.2 bln sale to Fidelity National

Stewart Information Services Corp said Sept. 10 that it has terminated its merger with Fidelity National Financial Inc after the FTC sought to block the transaction. Stewart’s board has decided that growing the company as a standalone entity will create the greatest shareholder value. As part of the termination, Fidelity has agreed to pay a $50 million reverse termination fee to Stewart. Frederick Eppinger will become CEO of Stewart, while Matthew Morris, who has served as CEO since 2011, will assume the role of president. Stewart is a real estate services company. Fidelity agreed to buy Stewart for $1.2 billion in 2018, according to press reports.

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