Fidelity National Financial sells a subsidiary for $560M cash

(Courtesy of Jacksonville Business Journal)

Jacksonville-headquartered Fidelity National Financial announced Monday it had signed an agreement to sell one of its subsidiaries for $560 million in cash to a New York-based private equity firm.

Fidelity purchased One Digital Health and Benefits about four years ago. The Atlanta-based company then purchased two Jacksonville-headquartered companies: Compass Consulting Group and Prospective Risk Management in June 2015. The company maintains an office in Jacksonville at 4348 Southpoint Blvd.

The company that has agreed t purchase One Digital is New Mountain Capital LLC.

Fidelity said it would use the proceeds from the sale to pay off debt. After all option payments to shareholders and minority equity investors are paid, the company expects the sale to result in $330 million in cash.

“We are excited to monetize One Digital at an attractive price for our shareholders and recognize a cash monetization of approximately $330 million,” said Fidelity’s Chairman William P. Foley II. “We have seen tremendous growth in One Digital in our roughly 4 year ownership and are proud of the success One Digital and FNFV have enjoyed together. We believe that One Digital will continue to flourish under its new ownership.”