The First American Corporation Announces the Closing of First American CoreLogic Noncontrolling Share Purchase
Investor Contacts
Craig Barberio
Financial Services
CoreLogic
(714) 250-5214
Email FAF IR
Dan L. Smith
Senior Vice President - Information Solutions Group
CoreLogic
(703) 610-5410
Email ISC IR
Media Contact
Carrie Gaska
Corporate Communications
The First American Corporation
(714) 250-3298
Email Media Relations
March 30, 2010,
SANTA ANA, Calif.
‒
Transaction Includes $144 Million in Cash and Stock
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.
