EDS, Pritzkers Plan to Acquire Ticor’s Parent

Electronic Data Systems Corp. and the billionaire Pritzker family of Chicago plan to acquire a California holding company that owns one of the nation’s largest title insurance companies.

In a deal announced today, EDS reached agreement with the Pritzker affiliate New Century Enterprises Inc. to acquire Westwood Equities Corp., owner of the Ticor Title Insurance Cos. of California.

Details of the transaction were not disclosed.

Ticor Title has been hurt heavily by real estate problems associated with the savings and loan crisis. Ticor Title had been the nation’s largest title insurance firm, but lost that ranking in the wake of its financial difficulties.

Westwood’s sales are estimated at $549 million by the 1990 Standard and Poor’s Register, down from $627 million the previous year. Ticor Title accounts for almost 90% of Westwood’s employment.

The holding company was not profitable in either 1988 or 1989, Westwood Executive Vice President Erich Everbach said. In 1988, Westwood liquidated a mortgage insurance unit that had become insolvent.

Westwood also owns Ticor Realty Tax Services, the nation’s second-largest provider of tax-reporting services on mortgaged property.

Westwood and both Ticor companies have headquarters in Los Angeles.

Under a separate agreement announced today, EDS will furnish all information technology services to Westwood’s corporate and operating subsidiaries, the announcement said.