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Fidelity National's deal for Stewart Information has $50M reverse breakup fee

Fidelity National Financial Inc.'s deal to acquire Stewart Information Services Corp. includes a reverse breakup fee of $50 million. The fee is payable to Stewart Information if the deal is not completed due to regulators not approving it.

The merger agreement also included a $33 million termination fee that would be paid to Fidelity National if the deal is terminated due to Stewart's board changing its recommendation or if Stewart terminates the agreement to choose a better proposal from another company.

Fidelity National and Stewart Information have the right to terminate the deal if it is not consummated by March 18, 2019, subject to two extensions of up to three months each.