The First American Corporation Announces the Closing of First American CoreLogic Purchase
—Transaction Includes $144 Million in Cash and Stock—
March 30, 2010, SANTA ANA, Calif.
The First American Corporation (NYSE: FAF), America’s largest provider of business information, announced today that it has acquired the noncontrolling ownership of First American CoreLogic.
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.
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.