* 20 pct stake to be purchased from Experian
* Split-off of information solutions business planned
* First American shares close up 54 cents
NEW YORK, April 22 First American Corp (FAF.N),
one of the largest U.S. title insurers, on Thursday said it will
pay $313.8 million to buy Experian Plc's (EXPN.L) 20 percent stake
in a real estate joint venture.
First American said it will acquire a stake by exercising a
previously agreed-upon option to make the purchase.
It said its decision substantially eliminates Experian's veto
rights under the agreement for the joint venture, First American
Real Estate Solutions LLC.
Parker Kennedy, First American's chief executive, in a
statement said the exercise will boost the financial and
operational flexibility of the company's information solutions
business, which it plans to split off into a separate public
company on June 1, 2010.
First American in based in Santa Ana, California.
The company's shares closed Thursday up 54 cents at $36.78 on
the New York Stock Exchange.
(Reporting by Jonathan Stempel; Editing by Phil Berlowitz; )