Glendale Title Company Acquired by Chicago Firm

Lincoln Holding Corp., a title insurance company in Glendale, has agreed to be acquired by Old Republic International Corp. in an exchange of stock valued at $18.2 million.

Old Republic is a property and casualty insurance concern based in Chicago. The company’s operations in California include Founders Title Group, a title insurer in San Francisco. Lincoln Holding, whose main unit is Lincoln Title Co., earned $2.9 million on revenue of $22.1 million last year.

Old Republic already owns 25% of Lincoln’s 701,200 common shares outstanding. Under the merger agreement, Old Republic will exchange 1.4 of its shares for each remaining Lincoln share. The deal is subject to approval by Lincoln’s stockholders and government regulators.

Lincoln’s name and management will remain in place after the merger, said Old Republic, adding that Lincoln’s presence in Southern California would complement its existing title insurance business in Northern California.