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Fidelity National Financial has announced that it is calling off its proposed purchase of Stewart Information Services Corp., citing opposition by the Federal Trade Commission. So reports MarketWatch.
The title insurer said it would pay Stewart a $50 million fee for ending the deal, which was worth $1.2 billion when unveiled in March.
Earlier this month, the FTC issued an administrative complaint aiming to block the acquisition, finding that the deal would “substantially reduce competition.”
