Back to Headlines Print Version Buzz Up Stumble it Tweet it Facebook LinkedIn

Experian To Exchange First Adv Shares For First American Shares

LONDON -(Dow Jones)- Credit rating agency Experian PLC (EXPN.LN) Thursday said it will exchange its shares in First Advantage Corp. for a 2% stake in First American Corp. (FAF), after First American made an all-share offer for First Advantage.

Experian said it will tender its roughly 3.8 million shares in First Advantage for First American shares under the terms of an offer announced June 29.

The company added it has amended the terms of its stake in a joint venture with First American called FARES. Experian has a 20% stake in the joint venture, and the remainder is held by First American.

The credit rating agency said it agreed First American will acquire FARES&# 8217; plant management and imaged document businesses. Experian will receive $48 million for its share of the FARES assets.

Experian and First American have also reached a new deal that clarifies the value of Experian’s 20% stake in FARES. It provided a mechanism for both sides, that if exercised before the end of 2010, Experian will receive $314 million.

At 1557 GMT, Experian shares were up 4 pence, or 0.7%, at 557.5 pence, underperforming a 1% higher FTSE 100 index.

Company Web site: www.experian.co.uk

-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@ dowjones.com

  (END) Dow Jones Newswires
  10-29-091228ET
  Copyright (c) 2009 Dow Jones & Company, Inc.