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First American to Create Major Property Database

Partnership: The new venture will contain information on more than 85% of U.S. real estate sales and mortgage financing transactions.

August 03, 2000|Times Wire Services

Title insurer First American Corp. said it has formed a partnership with Transamerica Corp.'s real estate information unit, Intellitech, to create a major property database in the U.S.

Transamerica, a subsidiary of No. 2 Dutch insurer Aegon NV, will receive $22.5 million from Santa Ana-based First American and a 20% stake in the partnership.

First American, a real estate-related financial and information services provider, said it will own an 80% stake in the new business and maintain management control.

The venture will have annual revenue exceeding $100 million, First American said, and contain information on more than 85% of U.S. property sales and mortgage financing transactions.

More than 50,000 clients are expected to use the database, which will allow them to locate and value various types of property, search for home buyers and borrowers, and assist in underwriting and closing real estate and mortgage transactions.

The announcement of the partnership comes two days after First American said it had joined with LandAmerica Financial Group Inc., a Richmond, Va., title insurer, to create a standardized and centralized national network of title information databases.

First American had 1999 revenue of $2.99 billion. Aegon, based in The Hague, provides insurance and financial services. It had 1999 assets of $211.98 billion.

First American's stock closed unchanged Wednesday at $15.81 a share on the New York Stock Exchange.

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