LandAmerica deal ends
- November 24, 2008
Fidelity National Financial Inc. pulled out of a deal to acquire title-insurance provider LandAmerica Financial Group.
Under the agreement, Fidelity had the right to back out of the deal after examination of LandAmerica’s finances.
The Richmond company has suffered under the housing turmoil and weak economy. LandAmerica reported a third quarter loss of almost $600 million, and its revenue fell 30 percent to $631.8 million.
The company released a statement after Fidelity announced it was pulling out. “We are disappointed with Fidelity’s decision; however, our attention remains focused on strengthening LandAmerica’s business and exploring strategic alternatives during these incredibly difficult economic times,” the company’s chairman and CEO, Theodore L. Chandler Jr. said in the statement.