CoreLogic Inc. agreed to sell itself to two private-equity firms for about $6 billion, a surprising end to an auction of the real-estate data provider that was kicked off by a pair of shareholder activists.
Stone Point Capital LLC and Insight Partners said Thursday they agreed to buy CoreLogic for $80 a share or about $6 billion. The deal represents a 51% premium to CoreLogic’s share price in June before the activists showed up, the firms said.
The Wall Street Journal reported earlier Thursday that such a deal was near.
It’s a surprising outcome after the focus in the closely watched sale process had settled largely on two other competing suitors: CoreLogic rival CoStar Group Inc., which had made a higher, all-stock bid, and private-equity firm Warburg Pincus LLC.
CoreLogic launched a sales process after activist investors Senator Investment Group LP and Cannae Holdings Inc. offered to buy the company for $65 a share and nominated directors to its board last year. Three of the directors later joined CoreLogic’s board after shareholders voted to add them in November.
Stone Point Capital, Insight Partners Agree to Buy CoreLogic Source link Stone Point Capital, Insight Partners Agree to Buy CoreLogic