Fidelity National Financial Completes Acquisition of the Remaining Minority Equity Stake in Kordoba
October 10, 2005
JACKSONVILLE, Fla., -- Fidelity National Financial, Inc. (NYSE: FNF) has acquired the remaining 25.1 percent minority equity stake in Kordoba GmbH & Co. KG ("Kordoba") that it does not currently own.
Kordoba is a provider of software and outsourcing solutions to the German financial services market. FNF acquired a 74.9 percent stake in Kordoba from Siemens Business Services GmbH & Co. OHG ("Siemens Business Services") on September 30, 2004.
Originally formed in 1979, Kordoba is an information technology solutions provider for the financial services industry, with a focus on services and solutions for the banking market. It provides both outsourced and in-house core banking solutions to German savings and commercial banks, including core transaction processing, ATM network solutions, accounting and reporting solutions and a securities processing system.
"We have been very pleased with the performance of Kordoba since the acquisition, as it has extended FNF's penetration into the German banking market," said FNF Chairman and Chief Executive Officer William P. Foley, II. "Additionally, Siemens has been a valuable partner and has provided customer continuity over the past year. We look forward to fully consolidating the results of Kordoba into FNF."
Source: Fidelity National Financial, Inc.