IRVINE, Calif. & GREENWICH, Conn:
Two private equity firms- Stone Point Capital and Insight Partners- have deviced to buy out CoreLogic,a leading global property information, analytics and data-enabled solutions provider, for about $6 billion .
CoreLogic Chairman Paul Folino said, “ The transaction is the culmination of our Board’s extensive review of strategic alternatives, which included engaging with numerous potential buyers.”
CoreLogic President and CEO Frank Martell said, 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.”
Chuck Davis, CEO of Stone Point Capital, said, “CoreLogic is a mission critical vendor and data provider across industry sectors in which Stone Point has specialized over the past 20 years, including mortgage, residential real estate and P&C insurance. CoreLogic’s proprietary data assets are increasingly important to its customers, and we look forward to leveraging our network within the broader financial services industry to support the company’s next phase of growth.”
“At Insight Partners we focus on partnering with clear technology leaders that define and transform their markets through world-class software and data,” said Deven Parekh, Managing Director at Insight Partners. “What we found in CoreLogic is a market leader with a long history of serving customers with powerful data technology and a future vision to innovate across the real estate ecosystem. We are excited to support CoreLogic in its next chapter of transformational growth.”
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.