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CoreLogic Inc. (NYSE: CLGX), an Irvine-based provider of real estate data that fought off a hostile bid last November, agreed to be bought for $6 billion.
CoreLogic’s board of directors unanimously approved an agreement under which funds managed by Stone Point Capital and Insight Partners will acquire all outstanding shares of CoreLogic for $80 per share in cash, representing a premium of 51% to CoreLogic’s share price on June 25 before the hostile bid began.
“This is a significant milestone for CoreLogic and a very positive outcome for our shareholders who will receive exceptional value for their shares in cash with a high degree of regulatory certainty and a closing expected in the near term,” CoreLogic Chairman Paul Folino said in a statement. “The transaction is the culmination of our board’s extensive review of strategic alternatives, which included engaging with numerous potential buyers.”
“CoreLogic is a mission-critical vendor and data provider across industry sectors in which Stone Point has specialized over the past 20 years, including mortgage, residential real estate and P&C insurance,” Stone Point Capital Chief Executive Chuck Davis said in the statement.
The transaction will be financed through a combination of committed equity financing provided by funds managed by Stone Point Capital and Insight Partners, as well as committed debt financing provided by J.P. Morgan Securities LLC. The transaction is expected to close in the second quarter subject to shareholder approval, regulatory approvals and other customary closing conditions.
CoreLogic shares fell 0.6% to $80.26 and a $6.2 billion market cap. On Feb. 2, Bloomberg News, citing unidentified people familiar with the matter, said CoStar Group Inc. submitted a $6.7 billion bid that valued the shares at $86.