ChoicePoint, Alpharetta, Ga., has entered into a definitive agreement to acquire the assets of Superior Information Services LLC and Charles Jones LLC, Trenton, N.J., for a combined total purchase price of $89 million in cash. The acquisitions are scheduled to close on or before May 1, subject to customary closing conditions and regulatory approval.Superior Information is a provider of public records information for bankruptcies, civil judgments, and federal and state tax liens in the Northeast U.S. and works closely with Charles Jones in sharing data and services. Charles Jones is a leading supplier of title and property lien searches in New Jersey and has provided a variety of public record data services to title insurance companies and real estate markets since 1911. Superior Information and Charles Jones have a combined total of 300 employees.
"The acquisition of these companies enables ChoicePoint to better serve our customers' information needs by significantly expanding our civil record data history and retrieval capabilities," says Don McGuffey, ChoicePoint vice president , data strategy. "Additionally, by virtue of Charles Jones' long- standing reputation, we are well positioned to support the title insurance industry's requirement for civil records."
For the remainder of 2004, ChoicePoint expects these acquisitions to be $0.02 accretive in total to earnings, with a $0.01 benefit expected in each of the last two quarters.
Current customers of Superior and Charles Jones will gain access to ChoicePoint's technology and records collection facilities, supported by ChoicePoint's proprietary database of more than 17 billion public records.
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