CoreLogic Enters into Definitive Agreement to Be Acquired by Stone Point Capital and Insight Partners for $80 Per Share in Cash
CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, has announced that the company’s Board of Directors unanimously approved a definitive merger 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 an equity value of approximately $6.0 billion and a premium of 51% to CoreLogic’s unaffected share price on June 25, 2020.
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 of 2021 subject to shareholder approval, regulatory approvals, and other customary closing conditions.
CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy, and protect their homes. For more information, please visit www.corelogic.com.
About Stone Point Capital
Stone Point Capital is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised and managed eight private equity funds – the Trident Funds – with aggregate committed capital of more than $25 billion. Stone Point targets investments in companies in the global financial services industry and related sectors. For more information, please visit www.stonepoint.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
Source: CoreLogic Press Release
Editorial Comment: Bill Foley, Cannae and other investors wanted to buy CoreLogic, however from the outset the management and board were opposed to a deal. Foley has a long history of profitable acquisitions, particularly in the insurance industry. He also acquired Dun & Bradstreet. His company Cannae and Senator Investment Group’s offer was an all-cash offer to buy CoreLogic for $65 per share — a price that values CoreLogic at about $7 billion including debt. If the deal were to be accepted and completed as offered, investors would receive $65 for every CoreLogic share they own. This would have been a 34% premium to CoreLogic’s average stock price over the 30 days prior to the offer.