The First American Corporation has executed a letter of intent to acquire the minority ownership of First American CoreLogic. The First American Corporation previously held an 82% 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.
‘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 Corp. will serve to simplify the organization as the Information Solutions Group prepares to become an independent, public company,’ says Parker S. Kennedy, CEO of The First American Corporation.
Kennedy says the acquisition will result in increased financial flexibility and operational efficiency that will benefit the company as it further develops its analytic capabilities.
SOURCE: First American CoreLogic