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First American to buy ServiceMac

Christian Fernsby ▼ | October 26, 2020
First American Financial Corporation and ServiceMac announced the signing of an agreement for First American’s acquisition of ServiceMac.
First American
First American   First American has acquired a minority interest
As a part of the transaction, First American has acquired a minority interest in ServiceMac’s parent company.

Topics: First American

That interest will convert into equity of ServiceMac at the closing of the acquisition, which is expected to occur by the end of 2021, subject to regulatory approvals and the satisfaction of customary closing conditions.

“The acquisition of ServiceMac reflects our steadfast commitment to support the mortgage industry and further expand our product innovation efforts,” said Dennis J.

Gilmore, chief executive officer at First American Financial Corporation.

ServiceMac’s management team, including President and CEO Bob Caruso, will continue to lead the company’s operations.

“Joining the First American family accelerates our ability to develop new products and services that benefit our lender customers and their clients, while strengthening our position as a counterparty in the mortgage finance ecosystem,” said Caruso.