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Tuesday, Nov 29, 2022
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First American Spinoff Gets Government OK

Santa Ana’s First American Corp. said on Friday that it received government approval for the spinoff of its core title insurance operations from the company’s growing information services division.

The regulatory approval clears up the last big hurdle for First American as it prepares for a June 1 spinoff that will create two local publicly traded companies: First American Financial Corp. and CoreLogic Inc.

First American Financial will house the company’s title insurance business and a few other business lines. CoreLogic will be the home for most of the company’s business data and analytics operation.

From a valuation standpoint, the spinoff will be the largest split Orange County’s seen in more than a decade. First American currently counts a market value of $3.5 billion.

Shares for the two companies will debut next week but aren’t likely to see any trading until the spinoff takes place the following week.

First American said the government conditions it met include a positive ruling from the Internal Revenue Service, as well as approval from the California Department of Insurance and the Office of Thrift Supervision.

For more on the spinoff, see Monday’s Orange County Business Journal.

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Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.
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