Fidelity National of Irvine to Acquire Five Star Holdings
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Fidelity National Financial Inc. said Tuesday it agreed to acquire Five Star Holdings Inc., a privately held California insurer, in a stock transaction.
Under terms of the proposed deal, Five Star shares will be converted into 600,000 shares that would be worth more than $21 million, based on the price of Fidelity’s shares on Tuesday.
Fidelity’s stock closed at $35.63, down $1 a share.
Five Star, which sells property and casualty insurance, will be merged into one of Fidelity’s new units, Fidelity said. Irvine-based Fidelity is a specialty finance company.
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