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January 18, 2008
The First American Corporation Announces Plan To Separate Its Financial Services and Information Solutions Companies
The First American Corporation announced that its board of directors has approved a plan to spin-off its Financial Services companies, consisting primarily of its Title Insurance and Specialty Insurance reporting segments, into a separate public company to be called First American Financial Corporation. The Information Solutions company, which will consist primarily of the current Property Information and Mortgage Information segments, as well as First American’s 75 percent interest in First Advantage Corporation (NASDAQ: FADV), will remain at the existing holding company, which will be renamed prior to the separation. The transaction, which the company anticipates will be tax-free to shareholders, is expected to close in the third quarter.
Read the entire story here.
Posted by S. Germain at January 18, 2008 08:44 AM