The First American Corporation Announces Intent to Acquire Minority Ownership of First American Core
—Transaction to Enhance Financial Flexibility and Operational Efficiency—
March 15, 2010, SANTA ANA, Calif.
The First American Corporation (NYSE: FAF), America’s largest provider of business information, today announced that it has executed a letter of intent to acquire the minority 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 upon the completion of the previously announced spin-off, targeted for June 1, 2010.
“We believe the integration of First American CoreLogic with the other operational business units acquired in the fourth quarter of 2009 through the buy-in of First Advantage Corporation will serve to simplify the organization as the Information Solutions Group prepares to become an independent, public company,” said Parker S. Kennedy, chairman and chief executive officer of The First American Corporation. “This acquisition will result in an extra measure of flexibility and operational efficiency that will be beneficial as we develop our next-generation analytic capabilities for the financial services and capital markets industries.”
First American CoreLogic possesses the nation’s largest repository of real estate- and mortgage-related data. The data in the repository has been sourced from and linked to a vast array of public and proprietary information sources that provide a high level of transparency to real estate and mortgage transactions. First American CoreLogic continues to build advanced predictive models and analytics that seamlessly integrate with its data repositories to provide real-time dynamic insight for its customers and allow for rapid decision processing. “The completion of the First American CoreLogic acquisition and full integration with the resources of the Information Solutions Group is the logical next step in the data and information strategy for serving a variety of industries,” said Steve Schroeder, former CEO of CoreLogic and senior vice president of First American CoreLogic.
About First American CoreLogic
First American CoreLogic, a member of The First American Corporation (NYSE:FAF) family of companies, is the largest 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. Our market-specific data covers 98 percent of all U.S. ZIP codes and 3,059 counties in all 50 states and the District of Columbia, representing 99 percent of the U.S. population, 97 percent of all properties (140 million), more than 50 million active mortgages and 96 percent of loan-level, non-agency mortgage securities. First American CoreLogic’s products and services enable customers to manage credit and mortgage risk, protect against fraud, acquire and retain customers, mitigate loss, decrease mortgage-transaction cycle times, value properties accurately, determine real estate trends and project future market performance. For more information about First American CoreLogic, please visit www.facorelogic.com.
About First American
The First American Corporation (NYSE: FAF) is 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. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Information and Outsourcing Solutions, Data and Analytic Solutions, and Risk Mitigation and Business Solutions. More information about the company and an archive of its press releases can be found at www.firstam.com.
Certain statements made in this press release, including those related to the consummation and timing of the spin-off transaction and the consummation, timing and effects of the completion of the buy-in of the minority interest in First American CoreLogic, are “forward-looking statements.” These forward-looking statements may contain the words “intend,” “anticipate,” “expect,” “plan,” “predict,” “estimate,” “project,” “will be,” “will continue,” “will likely result” or other similar words and phrases. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include those described in the Final Prospectus. The forward-looking statements speak only as of the date they are made. Except as required by law, First American does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.