The New York State Department of Financial Services (DFS) has disapproved Fidelity National Financial’s (FNF) planned acquisition of Stewart Information Services.
The deal worth $1.2bn was signed in March last year.
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Stewart offers residential and commercial title insurance, closing and settlement services, as well as appraisal and valuation services, among other offerings to the real estate industry.
The DFS did not elaborate the reasons for rejecting the acquisition application of FNF.
Signing the agreement last year, Fidelity National Financial chairman William Foley II has said: “The venerable Stewart brand has a long and respected history in the title insurance industry and we see tremendous potential in working with the Stewart management team to invest in and grow the Stewart brand on a national basis as part of our long-time, successful strategy of operating multiple title insurance brands under the FNF umbrella.”
“FNF and Stewart are evaluating the appropriate course of action in light of the NYDFS’ determination that may include a discussion with the NYDFS to better understand its concerns and respond to the letter,” FNF said in a SEC filing.
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By GlobalDataThe proposed acquisition of Stewart has been approved by other state regulatory agencies and the Canadian Competition Bureau.
