IRVINE, CA-Irvine-based real estate giant Fidelity National Financial Inc. has inked a deal with San Diego-based e-commerce company VISTAinfo to form a jointly owned real estate services company.
According to the terms of the agreement, Fidelity, which is the nation's largest provider of title insurance and real estate related services, will contribute the assets and operations of its Tax, Credit, Flood, Appraisal and Property Records businesses in exchange for VISTAinfo's stock. Fidelity's entities will merge with VISTAinfo, which is a business-to-business e-commerce and information services company for the North American real estate industry. VISTAinfo's services include multiple listing services systems, commercial property environmental data reports and residential property disclosure reports.
The two companies are expected to close the deal within the next 30 days. Once the agreement is finalized, Fidelity will own 77% of VISTAinfo, with the remaining 23% to be held by VISTAinfo's existing common and series A, A-1 and A-2 preferred stockholders. As part of the deal, Fidelity will purchase VISTAinfo's outstanding convertible debt.
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