1st American Buys Two Units

The First American Corp., already among the nation's largest providers of real estate information and related services, has reached an agreement with Transamerica Finance Corp. to buy its tax and flood companies.

First American said the two Transamerica businesses, which had combined revenue of $241.7 million in 2002, will be integrated with First American's existing real estate tax service and flood certification businesses.

Closing of the acquisition is subject to execution of definitive agreements and regulatory approval. Terms of the transaction will be disclosed then, the companies said. "The acquisition will enhance First American's ability to provide a comprehensive and cost-effective offering of information products and services to better serve the mortgage lending community," said Parker Kennedy, president of First American.

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