California-based First American Title Company, a subsidiary of First American Financial, has agreed to acquire Hexter-Fair Title Company, a Texas-based title and escrow company.
Hexter-Fair Title Company, founded in 1916, offers a full range of title insurance and closing services.
The acquisition is expected to increase First American’s market share by adding 21 new offices in the Dallas-Fort Worth metropolitan area.
As part of the acquisition, Hexter Fair’s current owner, David Fair will remain as chairman of the new entity, Hexter Fair and First American Title Company, and will continue to be an integral part of the leadership team.
First American Title Insurance Company president Dennis Gilmore said that together with Republic Title, the new entity will increase their range of service in that area and further their strategy to grow market share in the largest title and settlement services markets.
The transaction, which is subject to pending regulatory approval, is expected to close in January 2012.
Financial terms of the deal were not disclosed.