October 25, 2007 / 11:55 AM / 11 years ago

Fidelity National to spin off lender processing services unit

Oct 25 (Reuters) - Mortgage processor Fidelity National Information Services Inc. (FIS.N) on Thursday said its board approved a plan to spin-off the company’s lender processing services division into a separate publicly traded company.

The company said Fidelity National will contribute the assets of the division into a newly formed subsidiary, Newco, in exchange for 100 percent of Newco common stock and about $1.6 billion of Newco debt securities. (Reporting by Ankur Relia in Bangalore)

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