Fidelity National Financial Inc. on Tuesday said it is terminating its proposed acquisition of Stewart Information Services Corp., after the U.S. Federal Trade Commission on Friday voted to oppose the merger of the two title insurance companies.
Jacksonville-based Fidelity, the dominant company in the title insurance industry agreed to buy Stewart for $1.2 billion in March 2018.
The deal would have increased Fidelity’s share of the U.S. title market from 32% to 43%, and the FTC said it was opposed to the deal because it would lessen competition in the market.
Fidelity said it tried to work the FTC to alleviate its concerns but was unable to come to an agreement.