Capital Title Announces Agreement to Acquire Nationwide Appraisal Services
|January 27, 2004|
SCOTTSDALE, Ariz., /PRNewswire-FirstCall/ -- Capital Title Group, Inc. (Nasdaq: CTGI) -- a title agency, title insurance underwriter and provider of real estate-related services, announced today the signing of a definitive agreement to acquire Nationwide Appraisal Services Corporation, headquartered near Pittsburgh, Pennsylvania.
Nationwide provides appraisal and valuation services to customers in the mortgage lending and real estate industries throughout the United States. Nationwide is also licensed as an agent to issue title insurance policies in 35 states.
The acquisition of Nationwide significantly expands the geographic scope of Capital Title's operations, as well as the breadth of bundled real estate settlement services that Capital can offer to its lending and real estate clients.
Terms of the acquisition call for payment of $25 million in cash at closing, with deferred payments of up to $3 million dependent upon specified conditions. The acquisition is subject to customary closing conditions, including receipt of all necessary regulatory approvals.
Soure: Capital Title Group, Inc.