UPDATED STORY: Wall Street Journal story

LandAmerica files for bankruptcy protection, to sell 3 units to Fidelity National Financial
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NEW YORK (AP) — Title insurer LandAmerica Financial Group Inc. said Wednesday it will file for bankruptcy protection, while competitor Fidelity National Financial Inc. said it will acquire three of LandAmerica’s subsidiaries.

The bankruptcy filing of LandAmerica’s holding company and subsidiary LandAmerica 1031 Exchange Services Inc. and sale of the subsidiaries comes just days after Jacksonville, Fla.-based Fidelity National canceled an agreement to purchase all of Richmond, Va.-based LandAmerica. That deal called for Fidelity National to acquire LandAmerica in an all-stock acquisition for about $128.4 million.

A subsidiary of Fidelity National, Chicago Title Insurance Co., will acquire Commonwealth Land Title Insurance Co. for $158.6 million. Fidelity National Title Insurance Co., another of Fidelity National’s units will acquire Lawyers Title Insurance Corp. and United Capital Title Insurance Co. for $139.4 million.

The units Fidelity National is purchasing remain solvent and continue to operate.

The acquisitions are expected to close as early as late December.

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