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Alltel Fetches $1 Billion.
Fidelity National Financial here, which has been on an acquisition binge, struck again last month - this time, agreeing to buy the financial services division of technology giant, Alltel, Little Rock, Ark., in a billion dollar deal.
Sources told Mortgage Servicing News that Alltel was asking upwards of $1.7 billion for the Jacksonville, Fla.-based unit, but agreed to take just $1.05 billion in cash and stock.
Moreover, a source familiar with the matter said Fannie Mae and a "partner" were interested bidders at one point. Fiserv, a competing technology firm, also had expressed interest in the division.
One advisor noted that a few years back Fannie Mae was close to buying Alltel's mortgage technology business (servicing being the biggest component), but "backed out at the 23rd hour."
FNF is a publicly traded third-party vendor that provides title insurance and other real estate-related services to residential lenders. A few weeks back it bought Lender's Service Inc., a closing services firm based in Pittsburgh. Last year it acquired Eastern Software, a loan origination system provider.
Alltel operates the largest residential loan "service bureau" in the U.S., but that business ...
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