The board of property information, analytics and data-enabled solutions provider CoreLogic has 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.
“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,” said CoreLogic Chairman Paul Folino. “The transaction is the culmination of our Board’s extensive review of strategic alternatives, which included engaging with numerous potential buyers.”
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.
Evercore is serving as financial advisor to CoreLogic and Skadden, Arps, Slate, Meagher & Flom LLP is serving as the company’s legal advisor. J.P. Morgan Securities LLC and Wells Fargo Securities LLC are acting as financial advisor to Stone Point Capital and Insight Partners. Kirkland & Ellis is serving as legal advisor to Stone Point Capital, and Willkie Farr and Gallagher is serving as legal advisor to Insight Partners.
