Real estate data and analytics provider CoreLogic announced today that it has reached a definitive merger agreement with private equity firms Stone Point Capital LLC and Insight Partners. CoreLogic’s board of directors unanimously approved the acquisition.
The companies will shell out $80 per share, or approximately $6 billion, in an all-cash deal to acquire CoreLogic. This represents a premium of 51 percent to CoreLogic’s share price on June 25, 2020.
It was a hard-fought win for Stone Point Capital LLC and Insight Partners. CoreLogic rejected a $7 billion takeover bid by stakeholders Senator Investments and Cannae Holdings in early July and declined a competing $6.7 billion all-stock offer submitted by CoStar this week.
The deal is subject to shareholder and regulatory approval and could be cemented by the second quarter of 2021. “The transaction is the culmination of our Board’s extensive review of strategic alternatives, which included engaging with numerous potential buyers,” said CoreLogic Chairman Paul Folino in a statement.
New York-based Insight Partners is a venture capital and private equity firm focused on investing in technology and software companies. Yet another private equity firm, Stone Point Capital LLC is headquartered in Greenwich, Connecticut, and invests primarily in financial services companies.
“Stone Point and Insight Partners are highly respected investors who recognize the value and potential of CoreLogic’s digital content, solutions and market-leading platforms that power the housing economy,” said Folino.
“We look forward to working closely with Stone Point and Insight to build on our record financial and operating performance and accelerate our digital transformation and growth.”