The sale of Santa Ana-based First American Corp.’s credit information group to affiliate First Advantage Corp. has closed, the companies said Wednesday.
First Advantage shareholders approved the deal yesterday.
The $600 million deal, which first was announced in March, calls for title insurer First American to up its stake in First Advantage from 67% to 80%.
First Advantage is taking over First American’s mortgage, automotive, consumer and subprime credit businesses in the pact.
“With the completion of this transaction, our two companies will each have a distinct focus,First American will continue as the leading provider of real estate information, and First Advantage will provide business information and related services,” said Parker S. Kennedy, chairman and chief executive of First American and chairman of First Advantage.
Anand Nallathambi, president of First American’s credit information group, has joined First Advantage as president.
First Advantage was formed a couple of years ago when First American merged a unit with US Search.com Inc. and spun off the combined company. First Advantage provides employment screening, property management software, motor vehicle records, among other services.
