RICHMOND, Va. (AFX) - LandAmerica Financial Group Inc., a provider of real estate transaction services, said Friday it completed its $248.3 million acquisition of Capital Title Group Inc., a title insurance underwriter and agent.
LandAmerica paid $199.3 million in cash and about 776,000 common shares for the business.
LandAmerica said it expects the deal to grow earnings per share by about 2 to 3 percent in 2007. Once the merger implementation is finished, the deal should add to earnings by 4 percent to 6 percent.
To help pay the cash portion of the deal, LandAmerica said it issued $100 million in senior notes.
LandAmerica shares closed up 58 cents at $64.69 on the New York Stock Exchange, while Capital Title Group shares closed up 2 cents at $7.96 on the Nasdaq.
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