FADV » Topics » Acquisitions

This excerpt taken from the FADV DEF 14A filed Aug 8, 2005.

Acquisitions

 

On March 30, 2005, First American acquired the assets of Experian RES, a mortgage credit reporting business, for $20,000,000 cash from Experian Affiliate Acquisition, LLC and contributed that business to the Company.

 

On May 25, 2005, First American acquired Bar None, Inc., a provider of credit-based lead generation, processing and tracking services of consumers with sub-prime credit for auto dealers, for an initial investment of $23,500,000 in cash and notes and the assumption of $1,000,000 in long-term debt and contributed that business and $1,500,000 in additional working capital to the Company. The purchase price is subject to adjustment during each of the next 3 years based on an earn-out agreement, which could increase the total purchase price to $35,000,000 by the end of the third year.

 

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