LandAmerica gets OK to acquire Capital Title

LandAmerica Financial Group has a green light from regulators to complete its acquisition of Capital Title Group, the companies announced Tuesday.

LandAmerica announced in March that it would buy Scottsdale, Ariz.-based Capital Title for $251 million in cash and stock. The deal was subject to approval by regulators and Capital Title's shareholders. Shareholders approved the agreement at a special meeting Aug. 10. Together, the companies will employ more than 2,500 people.

Based in Richmond, Va., LandAmerica Financial Group and its subsidiaries serve residential and commercial customers through more than 900 offices in the U.S., Mexico, Canada, the Caribbean, Latin America and Europe.

Capital Title offers title insurance, appraisal and valuation services in Arizona, California, Nevada Pennsylvania and Texas through subsidiaries including Capital Title Agency, New Century Title Co., United Title Co., First California Title Co., Land Title of Nevada, CTG Real Estate Information Services and Nationwide Appraisal Services.

Capital Title last month reported second-quarter revenue was down 19.8 percent from the same quarter last year, to $84.9 million.

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