CoreLogic, a provider of data solutions, services, and technologies for real estate, has announced it will be acquired by the private equity firms Stone Point Capital and Insight Partners for $6 billion.
Stone Point is hoping to leverage its connections as a financial services focused fund in the mortgage, residential real estate, and property and casualty insurance industries to fuel CoreLogic’s continued growth.
While CoreLogic shares have been higher lately due to rumors surrounding a sale, the $80 per share deal represents a 50% premium to the price prior to the spike.
While the premium was high, reports indicate that the company could have gotten a higher price. One offer was apparently $86 per share, but it was an all stock offer that caused the board to instead opt for the certainty of an all cash deal.
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