Mortgage

Fidelity National increases ownership stake in ServiceLink to 79%

Recapitalizes ServiceLink; ownership up from 65%

Fidelity National Financial (FNF) announced Friday that it increased its ownership stake in ServiceLink Holdings from 65% to 79% as part of a recapitalization of ServiceLink.

Fidelity’s ownership interest in ServiceLink, a provider of transaction services to the mortgage and finance industries, was increased through a conversion of $505 million of the $566 million intercompany note principal and interest.

ServiceLink now has $61 million in principal and interest in intercompany debt and $580 million in principal in mirror notes for a total of $641 million in combined intercompany and mirror note principal and interest outstanding with Fidelity, Fidelity said in a release.

According to Fidelity’s second quarter earnings release, ServiceLink generated $224 million in revenue, adjusted EBITDA of $34 million, an adjusted EBITDA margin of 15%, adjusted pre-tax earnings of $29 million and an adjusted pre-tax margin of 13% in the second quarter.

In the first quarter, ServiceLink generated $206 million in revenue, adjusted EBITDA of $23 million, an adjusted EBITDA margin of 11%, adjusted pre-tax earnings of $18 million and an adjusted pre-tax margin of 9%.

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