First American Says Split on Track for 2010

First American Corp., Santa Ana, Calif., is one step closer to being able to split its title and information systems businesses. The company has entered into an agreement with Experian that would facilitate the purchase of the latter's interest in First American Real Estate Solutions LLC. Parker S. Kennedy, chairman and chief executive of First American said this deal, along with the offer to reacquire the minority interest in First Advantage Corp., will allow the company to be on track to meet its spin-off target of the first half of next year; the deal should close, he continued on April 1, 2010, pending regulatory approval. First American had net income of $55.4 million ($0.59 per share) for the third quarter 2009, compared with a net loss of $8.3 million ($0.09 per share) one year prior.