Credit Information Group &
First Advantage Corp | Update Date: 02/04/09 |
| Date Announced: 03/22/05 |
| Value (million $USD): 12.5 million U.S. Dollar |
|
| Status: Completed | |
| TRANSACTION DETAILS |
|---|
| Date Announced | 03/22/05 | | |
| Date Originally Announced | 03/22/05 | | |
| Format | Merger | Acquisition techniques | Internal Reorganization |
| Attitude | Friendly | Agency | Unspecified Regulatory Auth. |
| Value | 12.5 million U.S. Dollar | Advisor Fees | n/a |
| SYNOPSIS |
|---|
| US - First Advantage Corp (FAD), a 69% majority-owned of First American Corp (FAF), acquired all the outstanding stock of Credit Information Group, a provider of credit and financial solution services, and a 97.6%-owned unit of FAF, for 0.644 FAD common shares valued at $12. 524 mil. The shares were valued based on FAD's closing stock price of $19.45 on March 21, the last full trading day prior to the announcement. The consideration was prorated at 2.4%, based on the percentage not held in CIG by FAF. The transaction was subject to shareholders approval and customary closing conditions. Upon completion, FAF's economic ownership interest in FAD was to increase to 80% from 69%. |
| TARGET |
|---|
| Name | Credit Information Group |
| Industries | Loan brokers; Business services, nec |
| City | n/a |
| State | CA |
| Nation | United States |
| Incorporated in | n/a |
| Public Status | Subsidiary |
| Business Description | Provide credit and finance solution services to the mortgage, automotive and consumer finance industries |
| Advisors | Lehman Brothers |
| Target Sales | n/a |
|
| ACQUIROR |
|---|
| Name | First Advantage Corp (FADV) |
| Industries | Business services, nec |
| City | St. Petersburg |
| State | FL |
| Nation | United States |
| Incorporated in | DE |
| Public Status | Public |
| Business Description | First Advantage Corp, located in St. Petersburg, Florida, provides risk management solutions services such as employee recruiting solutions, applicant tracking systems, skills assessment and testing, background verifications, occupational health services, fingerprinting services, EAP and other workplace services, tax credits and incentives, sales and use tax services, computer forensics, e-Discovery, data recovery, due diligence, corporate/litigation investigations, insurance fraud investigations, supply chain security consulting, facility risk assessments, freight damage mitigation, motor vehicle record reporting, trucking industry credit reporting, driver qualification file management, fleet management, fuel tax services, resident screening, property performance analytics, property management software, renters insurance, mortgage industry credit reporting, automotive dealers credit reporting, lead generation services, loan origination software and specialty credit services. The company was founded in 2003. |
| Advisors | Morgan Stanley |
| Acquiror Sales | 266.5 million U.S. Dollar |
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