Chicago Title Shareholders OK Acquisition by Fidelity

Chicago Title Corp. said its stockholders on Friday approved its proposed stock-and-cash acquisition by Fidelity National Financial Inc., whose stockholders had approved the deal two days earlier. Chicago Title, based in Chicago, said in a press release that the companies now expect the transaction, originally valued at $1.2 billion, to close March 1. The combination will create the nation’s largest title insurance underwriter. Fidelity, based in Irvine, said it had arranged to receive $800 million of senior credit facilities to complete the merger, with Bank of America and Chase Securities Inc. taking leading roles in arranging and managing three loans. Fidelity said it will use the proceeds to finance the cash portion of the acquisition and to refinance debt.