( BKFS ), a leading provider of technology, data and analytics solutions to the nation's top mortgage lenders and servicers, today announced that the Fidelity National Financial, Inc. Board of Directors has approved a tax-free plan (the "Plan") whereby it intends to distribute all 83.3 million shares of Black Knight common stock that it currently owns to FNF Group ( FNF ) shareholders. Black Knight Financial Services logo (PRNewsFoto/Black Knight Financial Services) More The Plan is subject to the receipt of private letter rulings from the Internal Revenue Service, approving the tax-free spin-off of the Black Knight shares, filing and acceptance of a registration statement for the Black Knight spin-off with the Securities and Exchange Commission, refinancing of Black Knight Senior Notes, which are subject to the FNF guarantee, on reasonable terms, Black Knight shareholder approval and other customary closing conditions. The closing of the tax-free distribution is expected in the third quarter of 2017. While FNF has the ability to spin-off its Black Knight holdings into a new publicly traded company, the Plan currently contemplates that FNF would spin-off Black Knight Holdings, Inc. ("BKH"), a wholly-owned subsidiary of FNF, to FNF shareholders and immediately thereafter merge BKH with Black Knight for Black Knight common stock on a one-for-one basis. The merger of BKH with Black Knight would be subject to Black Knight shareholder approval. Assuming completion of the BKH distribution and subsequent merger with Black Knight, approximately 74% of the outstanding shares of Black Knight common stock would be fully distributed with no controlling shareholder. It is expected that William P. Foley, II will remain as the Executive Chairman of Black Knight. "The lack of liquidity in our common stock has been a concern for our current and prospective shareholders," said President and Chief Executive Officer Tom Sanzone. "A stand-alone, more liquid Black Knight common stock offers a tremendous opportunity for our shareholders." "Black Knight has performed exceptionally well under FNF's control for the last three years," said Executive Chairman William P. Foley, II. "We believe Black Knight is well-positioned to now become an independent company, with a more fully-distributed common stock that would be eligible for index inclusion in the S&P Midcap 400 and potentially the S&P 500." About Black Knight Financial Services, Inc. Black Knight ( BKFS ) is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle. Black Knight is committed to being the premier business partnerthat lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.bkfs.com . Forward-Looking Statements This press release contains forward-looking statements that involve a number of risks and uncertainties.
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