Fidelity National Financial Inc. (FNF), a provider of title insurance, technology and transaction services to the real estate and mortgage industries, completed the distribution to two previously announce tracking stocks, FNF Group common stock and FNFV Group common Stock.
Fidelity National Financial creates tracking stock for its portfolio company investments
Each share of the current FNF Class A common stock outstanding was converted into one share of FNF Group common stock, which will trade on the New York Stock Exchange under the trading symbol “FNFV.” Both FNF and FNFV began regular way trading on July 1. FNF will have approximately 276 million shares outstanding and FNFV will have approximately 92 million shares outstanding.
Recently the stockholders approved four separate proposals related to the formation of the tracking stock. FNF will contribute these portfolio company investments into a new subsidiary, Fidelity National Financial Ventures (FNFV) and create and distribute a class of shares to FNF shareholders that tracks the performance of FNFV.
Fidelity stockholders approve tracking stock proposals
The primary portfolio company investments that will be contributed to FNFV include FNF’s equity interests in Remy International Inc., American Blue Ribbon Holdings LLC, K. Alexander’s Holdings LLC, Ceridian HCM, Comdata Inc. and Digital Insurance Inc.