TPG in $3.4 Billion Leveraged Recap of Fidelity National Subsidiary
March 9, 2005
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.