Fidelity National Financial closes sale of its stake in Sedgwick Claims Management Services
By APFriday, May 28, 2010
Fidelity National closes sale of Sedgwick CMS
JACKSONVILLE, Fla. — Title insurer Fidelity National Financial Inc. on Friday said it closed the sale of its 32 percent equity ownership in Sedgwick Claims Management Services Inc.
Affiliates of Stone Point Capital LLC and Hellman & Friedman LLC paid $1.1 billion cash for the stake, including repayment of debt.
Fidellity National said its total proceeds were about $224 million, including an indemnity escrow of approximately $32 million. The sale generated a pre-tax gain of approximately $95 million.
Shares of Fidelity National closed Friday trading down 9 cents at $14.42. In aftermarket electronic trading, shares regained a penny.
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