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Fidelity National, Stewart scrap deal after FTC intervention

Fidelity National Financial Inc. and Stewart Information Services Corp. agreed to terminate their proposed transaction owing to the U.S. Federal Trade Commission's issuance of an administrative complaint seeking to block the deal.

Under the terms of its proposed acquisition, Fidelity National will pay Stewart a $50 million reverse termination fee.

The Stewart board of directors voted that the company should proceed on its own, and leadership changes were also announced. Effective immediately, current director and former Hanover Insurance Group Inc. CEO Frederick Eppinger will become CEO, while Matthew Morris, who has served as CEO since 2011, will remain with the company and assume the role of president.

John Killea, who has been president since 2017, will remain general counsel and chief legal officer, roles he has held since 2008 and 2012, respectively.

"To further support the new direction, we will be actively reviewing the board's makeup to ensure the appropriate mix of diversity as well as operational and growth-oriented experience," Chairman Thomas Apel said.

The FTC had filed a lawsuit to block the deal.