Cleary Gottlieb represented Texas Pacific Group in its investment, along with Thomas H. Lee Partners, Evercore Capital Partners, and Banc of America Capital Partners, in 25% of the common stock of Fidelity National Information Services, a subsidiary of Fidelity National Financial, for $500 million. The equity investment is part of $3.4 billion leveraged recapitalization of Fidelity National Information in which Fidelity National Financial shareholders will receive a special dividend of $10 per share.
Fidelity National Information is the nation’s largest title insurance company, with clients in more than 50 countries. Its software processes nearly 50% of all US residential mortgages, and it has relationships with 45 of the top 50 U.S. banks and more than 3,600 small and mid-sized U.S. financial institutions. TPG, a long-time Cleary client, is a private investment partnership managing over $13 billion in assets.