Fidelity National to sell some assets to address antitrust issues

WASHINGTON Tue Dec 24, 2013 1:31pm EST

WASHINGTON Dec 24 (Reuters) - Title insurer Fidelity National Financial will sell a number of its databases to meet U.S. charges its proposed $2.9 billion acquisition of Lender Processing Services Inc hurt competition, the Federal Trade Commission said on Tuesday.

The FTC had said in a complaint that the acquisition would likely lessen competition in six counties in Oregon and in the Portland, Oregon, metropolitan area, and violate U.S. antitrust laws.

Fidelity provides insurance against the risk that flaws in legal documentation on the ownership of land or property causes financial losses.

LPS, a provider of technology, transaction services and data analytics to the mortgage and real estate industries, also owns a number of databases of several local markets in Oregon, known as title plants.

Fidelity has agreed to sell LPS's title plants in the counties of Clatsop, Columbia, Coos, Josephine, Polk and Tillamook, as well as part of the joint title plant serving Portland, the FTC said.

Oregon law requires title insurers to own an interest in a title plant in each county in which they issue policies.