A Florida-based title insurance giant has struck a deal to acquire O'Charley's and fold it into the restaurant holding company it controls.

Fidelity National Financial will pay $221 million for O'Charley's, giving investors $9.85 for the Nashville-based company's shares, which have not traded above $10 (Ticker: CHUX) since the spring of 2009. The deal is expected to close during the second quarter.

Jacksonville-based Fidelity National last summer jumped into O'Charley's, acquiring 9.5 percent of the company's shares and becoming the chain's second-largest investor. The company owns almost half of American Blue Ribbon Holdings, a Denver-based chain that runs a number of concepts and has annual revenues of $460 million, and will merge O'Charley's into that company — a move that will almost triple that venture's revenues.

"We have been seeking an investment in a larger, scalable, strategic restaurant operating company to complement our successful investment in American Blue Ribbons Holdings," said Fidelity National Chairman William Foley II. "With more than 340 restaurants and over $800 million in revenues, O’Charley’s is an attractive company with three proven restaurant concepts in O’Charley’s, Ninety Nine and Stoney River. There is a real opportunity to continue to improve the operating performance at O’Charley’s and to build on their current momentum."

O'Charley's President and CEO David Head said joining forces with American Blue Ribbon and Fidelity National will let his team "complete its turnaround and achieve its growth objectives." Separately this morning, O'Charley's reported a fourth-quarter loss of $8.1 million, an improvement from its late-2010 performance. Same-store sales rose 1.1 percent across its three concepts.