Fidelity National Financial Inc, which controls one of the largest U.S. title insurers, said it will sell Fidelity National Capital Inc to Winthrop Resources Corp, a unit of TCF Financial Corp, to lower debt.
The company said sale of Fidelity National Capital will help reduce consolidated debt by about $214 million on its balance sheet.
Fidelity National Financial also said net proceeds from the sale of the technology financing and leasing solutions company after repaying certain debts will be about $50 million.
As of June 30, the sale would reduce total debt-to-capital ratio to about 22 percent from 26 percent, the company said.
Shares of the Jacksonville, Florida-based company closed at $14.84 Friday on the New York Stock Exchange.
(Reporting by Archana Shankar in Bangalore; Editing by Anil D'Silva)