ALLTEL sells financial services division to fidelity.

Position:Tech News - Fidelity National Financial Inc. - Brief Article
 
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ALLTEL, LITTLE ROCK, ARKANSAS, HAS agreed to sell the financial Services division of its Information Services subsidiary to Fidelity National Financial Inc. (FNF), Irvine, California, for $1.05 billion payable as $775 million cash and $275 million in Fidelity National common stock. The telecom division of ALLTEL Information Services will be retained by ALLTEL and will not be part of the transaction.

FNF is acquiring ALLTEL's mortgage servicing operations, the retail banking operations' the commercial lending! wholesale banking business; and the community/regional bank division. About employees will transition to Fidelity National as part of the transaction.

Assuming the Information Services transaction closes on March 31, the sale will dilute 2003 earnings by approximately 22 cents per share. First-quarter 2003 results...

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