FTC Requests Public Comments on Two Applications by Fidelity National Financial Inc. for Approval to Divest Oregon Title Plant Assets

For Your Information

The Federal Trade Commission is currently accepting public comments on two applications by Fidelity National Financial Inc. to sell Oregon real estate title plant assets, as required by the FTC order settling charges that Fidelity’s acquisition of Lender Processing Services, Inc. (LPS) would be anticompetitive.

According to the FTC’s administrative complaint, issued in December 2013, Fidelity’s proposed $2.9 billion acquisition of LPS would likely substantially lessen competition by combining the firms’ title plant assets in several local Oregon markets.

In settling the FTC’s charges, Fidelity is required to sell a copy of LPS’s title plants serving the following Oregon counties to an FTC-approved acquirer: 1) Clatsop, 2) Columbia,  3) Coos, 4) Josephine, 5) Polk, and 6) Tillamook. The required divestitures will preserve the number of independent title plants in each county. In addition, the final order requires Fidelity to sell an ownership interest equivalent to LPS’s share in the joint title plant that serves the Portland area to an FTC-approved buyer.

In its two applications, Fidelity has requested Commission approval to divest the Portland Title Agency Interest to Old Republic Title Company of Oregon and the six title plant assets to AmeriTitle, Inc. Fidelity states in the applications that the divestitures are consistent with the terms of the FTC’s final order and will achieve the goal of maintaining title plant competition in the Oregon markets.

The Commission will decide whether to approve the proposed divestiture after expiration of a 30-day public comment period. Public comments may be submitted until May 29, 2014. Written comments should be sent to: FTC Office of the Secretary, 600 Pennsylvania Ave., N.W., Washington, DC 20580. Comments can also be submitted electronically on the proposed sale to both Old Republic Title Company of Oregon and AmeriTitle. Copies of the application can be found on the FTC’s website and as a link to this press release. (FTC File No. 131-0159; the staff contact is Naomi Licker, Bureau of Competition, 202-326-2851)

The FTC’s Bureau of Competition works with the Bureau of Economics to investigate alleged anticompetitive business practices and, when appropriate, recommends that the Commission take law enforcement action. To inform the Bureau about particular business practices, call 202-326-3300, send an e-mail to antitrust{at}ftc{dot}gov, or write to the Office of Policy and Coordination, Bureau of Competition, Federal Trade Commission, 601 New Jersey Ave., N.W., Room 7117, Washington, DC 20001. To learn more about the Bureau of Competition, read Competition Counts. Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases for the latest FTC news and resources.

Contact Information

MEDIA CONTACT:
Mitchell J. Katz
Office of Public Affairs
202-326-2161