Fidelity National completes acquisition of Alltel financial services business
02 April 2003 | 5118 views | 0
California's Fidelity National Financial has completed the $1.05 billion acquisition of the financial services division of Alltel Information Services.
The Alltel division - one of the world’s largest providers of information-based technology solutions and processing services to the mortgage and financial services industries - has been renamed Fidelity Information Services and it will operate as a wholly owned subsidiary of FNF. Its systems process approximately 50% of all US residential mortgage loans and 48 of the top 50 US banks utilise Fidelity Information Services loan processing solutions.
The division had revenue of $820 million and operating income of $151 million in 2002. About 5500 AIS employees have transferred to Fidelity under the stock and cash transaction.
FNF is the US's largest title insurance company and also performs other real estate-related services.
FNF chairman and chief executive William Foley, says the firm is committed to an ongoing programme of diversification and will continue to seek out acqusitions in the core mortgage and consumer loan processing space.