Fidelity National Financial Inc. (FNF) Tracking Stocks: Keith Meister’s Corvex Capital Reports Holding 6% Stake

A new filing with the U.S. Securities and Exchange Commission revealed that Fidelity National Financial Inc. (NYSE:FNF) recently completed a transaction whereby each outstanding share of the company’s class A common stock, par value $0.0001 per share, was reclassified into one share of FNF Group common stock, par value $0.0001 per share, and 0.3333 of a share of FNFV Group common stock. In a new filings with the SEC, Corvex Capital, managed by Keith Meister, disclosed owning 18.29 million shares of FNF Group common stock shares of the company, and 6.09 million FNFV Group common stock shares, both stakes are equal to 6.6% of class.

Keith Meister

Fidelity National Financial Inc. (NYSE:FNF) is a provider of title insurance, technology and transaction services to the real estate and mortgage industries. In a statement, the company said that it completed the distribution of the two tracking stocks: FNF Group common stock and FNFV Group common stock. Each share of the current FNF class A common stock outstanding was converted into one share of FNF Group common stock, which will trade on the New York Stock Exchange under the current trading symbol FNF, and 0.3333 of a share of FNFV Group common stock, which will trade under the trading symbol FNFV.

Both FNF and FNFV will begin regular way trading on July 1, 2014. FNF will have about 276 million shares outstanding and FNFV will have around 92 million shares outstanding, according to the company.

In addition to Corvex Capital, Orbis Investment Management, managed by William B. Gray, owns 9.02 million shares of the company and Jonathon Jacobson’s Highfields Capital Management holds 7.20 million shares.

In December 2013, Corvex reported upping its stake in Fidelity National Financial, Inc. (NYSE:FNF) to 18.2 million shares from 17.4 million shares. According to its latest 13F filing, Corvex’s equity portfolio value was $7.13 billion as of the end of March 2014. In term of value, Williams Companies Inc. (NYSE:WMB) is represented as the largest holding, in which the fund disclosed ownership of 41.68 million shares.

Disclosure: none

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