First Advantage to Acquire Accufacts

First Advantage(FADV Quote) agreed to acquire Accufacts Pre-Employment Screening (APES Quote) for 75 cents a share, or $5 million in cash.

First Advantage, the risk mitigation and business solutions unit of First American (FAF Quote), said the management and operations of Accufacts will remain in Longwood, Fla. The company's name will be changed to reflect the First Advantage brand.

The deal is expected to close by June 30. The acquisition is subject to Accufacts' shareholder approval and other customary closing conditions.

"Accufacts presents an opportunity for our Employer Services segment to gain significant traction in the extensive small business marketplace," First Advantage said. "They offer a strong operation specifically designed to handle the screening needs of their clientele that will nicely complement our existing screening business."

Accufacts closed Thursday at 43 cents.