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Fidelity National Financial, Inc., a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, and Sanchez Computer Associates has announced the signing of a merger agreement pursuant to which FNF will acquire Sanchez.
Sanchez is in developing and marketing scalable and integrated software and services that provide banking, customer integration, outsourcing and wealth management solutions to approximately 400 financial institutions in 22 countries.
Under the terms of the merger agreement, Sanchez will become a subsidiary of Fidelity Information Services, Inc., which is a subsidiary of FNF. Total consideration for each share of Sanchez common stock will be $6.50, composed of $3.25 in cash and $3.25 in FNF stock. The FNF stock consideration will be calculated using a trailing twenty-day average calculated two days prior to closing.
Sanchez shareholders will have the option to elect any combination of cash and stock, subject to proration such that the overall limitation for the consideration in the transaction will be fifty percent cash compensation and fifty percent compensation in the form of FNF stock. FNF has entered into voting agreements to support the transaction with Sanchez shareholders holding in excess of 40% of the common vote.
The transaction has been approved by the FNF Board of Directors and no separate FNF shareholder approval is required. Closing of the transaction is expected in the second quarter of 2004, subject to approval by Sanchez shareholders and customary regulatory and other conditions.
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