Fidelity National Financial/Stewart Information Services, In the Matter of

Last Updated:
Case Status:
Closed
In the Matter of Fidelity National Financial, Inc., a corporation; and Stewart Information Services Corporation, a corporation.
FTC Matter/File Number:

181 0127

Docket Number:

9385

Enforcement Type:

Part III Administrative Complaint

Case Summary

The FTC issued an administrative complaint charging that Fidelity National Financial’s proposed $1.2 billion acquisition of Stewart Information Services would violate the antitrust laws by significantly reducing competition for title insurance underwriting for large commercial transactions in 45 states and the District of Columbia, and for title information services in 14 local markets. The FTC alleges that if consummated, the merger would reduce an industry dominated by “the Big 4” players to the Big 3. Post-merger, Fidelity would control more than 43 percent of all title insurance sales nationwide, and over 40 percent of sales for large commercial transactions in most state-level markets. The FTC also authorized staff to seek in federal court a temporary restraining order and a preliminary injunction to prevent the parties from consummating the merger, and to maintain the status quo pending the administrative proceeding. On Sept. 10, 2019, the parties abandoned the transaction.