The First American Corporation has exercised its option to purchase Experian Information Solutions, Inc.’s 20 percent ownership in the First American Real Estate Solutions, LLC (FARES) joint venture.
“Experian has been a valued partner in the FARES joint venture and we look forward to furthering our working relationship with them in the coming years,” said Parker S. Kennedy, chairman and chief executive officer of The First American Corporation. “Our exercising of the purchase option, combined with our previously announced transactions for the noncontrolling interests in First Advantage Corporation and First American CoreLogic, provide us with control over substantially all of our assets as well as provide the Information Solutions Group with increased financial and operational flexibility as it prepares to be a stand-alone public company.”
Deal Terms: Under the terms of the option, the exercise price for Experian’s ownership interest is $313.8 million and the transaction will close on Dec. 31, 2010. With the exercise of the purchase option, First American substantially eliminates Experian’s veto rights under the joint venture agreement and significantly enhances the company’s operational and organizational flexibility.
Acquirer: The First American Corporation (NYSE: FAF)
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 bio
Contact 2: Anthony “Buddy” Piszel, Chief Financial Officer and Treasurer bio
Vendor: Experian (LON:EXPN)
Vendor Web: http://www.experianplc.com
Location: UK, Nottingham
Description: Global information services company, providing data and analytical tools to clients in more than 65 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Category: Finance, Market data
Contact 1: John Peace, Chairman bio
Contact 2: Don Robert, Chief Executive Officer bio
Contact 3: Paul Brooks, Chief Financial Officer bio
Contact 4: ChrisCallero, President and Chief Operating Officer bio
Related Fusion DigiNet article: The First American Corporation acquires the noncontrolling ownership of First American CoreLogic Posted on March 31, 2010
FDN Reference: F231109-394
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