Fidelity National Financial announced that it has purchased more than 1 million additional shares of Remy International Inc. common stock, thereby increasing its ownership position to 50.2 percent.
As a result of this move, FNF will begin consolidating the financial results of Remy and will include those results in the third quarter of 2012. FNF will also report Remy as a distinct reporting segment in its reported financial results.
“We continuously pursue avenues to unlock the value of Remy for FNF shareholders,” said George Scanlon, chief executive officer. “Given the current market valuation, we believe our shareholders are best served by FNF increasing our stake and taking a majority ownership position to best control the future of our investment. We are confident the increased transparency of a consolidated Remy will be beneficial in ultimately realizing the maximum value of this investment for our shareholders.”
Earlier this month, Fidelity moved one step closer to adding to its restaurant portfolio.
Click here to see Fidelity’s Q2 earnings results.