OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best commented that the Credit Ratings (ratings) of Stewart Title Guaranty Company (Houston, TX), Stewart Title Insurance Company (New York, NY) and Stewart Title Limited (London, United Kingdom) (collectively referred to as Stewart Title Group) remain unchanged following the recently announced sale of the parent holding company, Stewart Information Services Corporation (headquartered in Houston, TX) [NYSE: STC] (Stewart).
On March 18, 2018, Stewart entered into a definitive agreement to be acquired by Fidelity National Financial, Inc. (Fidelity) (Jacksonville, FL) [NYSE: FNF]. Stewart shareholders will receive $25.00 per share in cash and 0.6425 common shares of Fidelity stock for each share of Stewart common stock held at closing, subject to adjustment and election mechanisms defined in the definitive agreement. The transaction represents a 23% premium to Stewart’s closing price on March 16, 2018. The transaction is pending approval by Stewart’s shareholders and regulators, and is expected to close in the first or second quarter of 2019.
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