- The tax-free plan will have FNFV Group (NYSE:FNFV +1.9%) cease being a tracking stock and instead become a stand-alone, publicly-traded common stock.
- FNFV will be better-served, says Chairman William Foley, and Fidelity National (FNF +5.5%) will benefit from being index-eligible again, potentially widening investment demand for the shares.
- Alongside this, the FNF board has approved a plan to distribute all 83.3M shares owned of Black Knight Financial Services (BKFS -3.2%) stock FNFV and FNF shareholders.
- Black Knight CEO Tom Sanzone: "The lack of liquidity in our common stock has been a concern for our current and prospective shareholders ... A stand-alone, more liquid Black Knight common stock offers a tremendous opportunity for our shareholders."