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FDN Database Reference: F231109-373
This is an update of an original article posted on March 16, 2010 – FDN Database Reference: F231109-356
The First American Corporation (NYSE: FAF) has acquired the noncontrolling ownership of First American CoreLogic.
The First American Corporation previously held an 82 percent ownership in the company. First American CoreLogic is a key component of the company’s Information Solutions Group, which will be separated from the company’s Financial Services Group.
Total consideration for the transaction is $144 million. Fifty percent of this amount, $72 million, was paid in cash at closing on March 29, 2010. The remaining 50 percent will be funded at a future date with equity valued at $72 million in The First American Corporation’s Information Solutions Group when it has become a standalone public company.
“The closing of the transaction to acquire the minority ownership interest in First American CoreLogic is a significant milestone in streamlining the ownership structure and financial flexibility of the Information Solutions Group as we prepare for our June 1, 2010, launch as an independent publicly traded company,” said Anand Nallathambi, CEO of the Information Solutions Group.
Acquirer: The First American Corporation
ACQ Web: http://www.firstam.com
Location: USA, Santa Ana, CA
Region: North America
Description: A FORTUNE 500® company that traces its history to 1889. With total revenues of approximately $6.0 billion in 2009, it is America’s largest provider of business information. The company operates within five primary business segments, Title Insurance and Services, Specialty Insurance, Information and Outsourcing Solutions, Data and Analytic Solutions, and Risk Mitigation and Business Solutions.
Category: Property. Market Data
Contact 1: Parker S. Kennedy, Chairman and Chief Executive Officer
Contact 2: Dennis J. Gilmore, Executive Vice President, Chief Executive Officer of First American’s Financial Services Company
Contact 3: Anand Nallathambi, Executive Vice President, President, Chief Operating Officer of First American’s Information Solutions Company
Contact 4: George Livermore, President, Data and Analytic Solutions Segment
Contact 5: Anthony “Buddy” Piszel, Chief Financial Officer and Treasurer
Vendor: First American CoreLogic
Vendor Web: http://www.facorelogic.com
Description: U.S. provider of real estate, property, ownership, fraud, mortgage, and mortgage securities data—and advanced analytics using this data—for the assessment of real estate sales, collateral valuation, home price trends, mortgage originations, mortgage- and asset-based securities pricing, foreclosures, delinquencies and asset dispositions.
Contact: Steve Schroeder, former CEO of CoreLogic and senior vice president of First American CoreLogic.
- Press Release March 15, 2010
- Press Release March 31, 2010
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