WASHINGTON Dec 24 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
Fidelity provides insurance against the risk that flaws in
legal documentation on the ownership of land or property causes
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.