Stewart Information Services to Acquire Full Control of JV

TL;DR

Stewart Info buying out Fidelity's stake in Stewart Title for $1.05B, full control incoming.

AI Summary

Stewart Information Services Corporation announced on March 1, 2024, that it has entered into a definitive agreement to acquire the remaining 45% stake in its joint venture, Stewart Title Guaranty Company, from Fidelity National Financial, Inc. This transaction is valued at approximately $1.05 billion and is expected to close in the third quarter of 2024, subject to customary closing conditions.

Why It Matters

This acquisition will give Stewart Information Services full ownership of its title insurance subsidiary, potentially leading to greater strategic flexibility and operational integration.

Risk Assessment

Risk Level: medium — The acquisition is subject to customary closing conditions and regulatory approvals, which could impact the completion or timing of the transaction.

Key Numbers

• $1.05B — Acquisition Value (Stewart Information Services is acquiring the remaining 45% stake in its joint venture for this amount.)

Key Players & Entities

• Stewart Information Services Corporation (company) — Registrant
• Fidelity National Financial, Inc. (company) — Seller of remaining stake
• Stewart Title Guaranty Company (company) — Joint venture being acquired
• $1.05 billion (dollar_amount) — Acquisition value
• March 1, 2024 (date) — Date of report and earliest event
• third quarter of 2024 (date) — Expected closing period

FAQ

Key Financial Figures

• $1 — nge on which registered Common Stock, $1 par value STC New York Stock Exchange
• $0.475 — rectors has declared a cash dividend of $0.475 per share of the Company's common stock

Filing Documents

• tm247740d1_8k.htm (8-K) — 24KB
• tm247740d1_ex99-1.htm (EX-99.1) — 5KB
• tm247740d1_ex99-1img001.jpg (GRAPHIC) — 15KB
• 0001104659-24-030009.txt ( ) — 219KB
• stc-20240301.xsd (EX-101.SCH) — 3KB
• stc-20240301_lab.xml (EX-101.LAB) — 33KB
• stc-20240301_pre.xml (EX-101.PRE) — 22KB
• tm247740d1_8k_htm.xml (XML) — 3KB

01. REGULATION FD DISCLOSURE

ITEM 7.01. REGULATION FD DISCLOSURE. On March 1, 2024, Stewart Information Services Corporation (the "Company") issued a press release announcing that its Board of Directors has declared a cash dividend of $0.475 per share of the Company's common stock for the first quarter 2024, payable March 28, 2024, to common stockholders of record on March 15, 2024. A copy of the press release is furnished herewith as Exhibit 99.1. The information in this Item 7.01 and Exhibit 99.1 attached hereto is not deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information and exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

01. FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (d) EXHIBITS Exhibit No . Description 99.1 Press release of Stewart Information Services Corporation dated March 1, 2024, announcing a declaration of dividend for the first quarter 2024. 104 Cover Page Interactive Date File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. STEWART INFORMATION SERVICES CORPORATION (Registrant) By: /s/ David C. Hisey (David C. Hisey, Chief Financial Officer and Treasurer) Date: March 1, 2024

View Full Filing

View this 8-K filing on SEC EDGAR