Fidelity National Takes Stake in Lending Tree
Fidelity National Financial Inc., which operates the nation’s largest title insurance company, has taken an 8.3% stake in online loan broker Lending Tree Inc., according to a regulatory filing.
Fidelity subsidiary Chicago Title Insurance bought 1.6 million Lending Tree shares in a privately negotiated transaction in December, paying $5.10 a share for a purchase price of $8.1 million, according to the filing with the SEC. The shares were acquired for investment purposes with working capital from Chicago Title, the document said.
Irvine-based Fidelity National is now Lending Tree’s third-largest shareholder, behind Ullico, which holds a 12% stake.
Lending Tree, based in Charlotte, N.C., runs a Web site that allows consumers to shop for the best rates on home mortgages and other loans.
Shares of Lending Tree rose 30 cents to $6.25 on Nasdaq, and Fidelity National rose 26 cents to $24.51 on the NYSE.
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Bloomberg News
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