CoreLogic finds buyer in $6B deal

CoStar outbid despite higher, all-stock offer for real estate data firm

National /
Feb.February 04, 2021 11:11 AM
From left: CoreLogic CEO Frank Martell, Stone Point Capital CEO Charles Davis and Insight Partners' Deven Parekh (Getty; Stone Point; Insight; iStock)

From left: CoreLogic CEO Frank Martell, Stone Point Capital CEO Charles Davis and Insight Partners’ Deven Parekh (Getty; Stone Point; Insight; iStock)

The competition to buy CoreLogic is over.

Private equity firms Stone Point Capital and Insight Partners agreed to buy the real estate data firm for $6 billion, the companies said Thursday. The firms beat out CoStar and Warburg Pincus, which were also in the running.

The end was something of a plot twist in the monthslong sale process, given CoStar and Warburg made a higher, all-stock bid, the Wall Street Journal reported.

The sale price, which amounts to $80 a share, is a 51 percent premium on CoreLogic’s stock price in June. That’s when activist investors Senator Investment Group LP and Cannae Holdings offered $65 a share.

CoreLogic competes with Zillow, Redfin and Realtor.com to provide residential real estate data. It’s an area where CoStar is quickly making its mark after cementing its position as the dominant commercial real estate data firm. CoStar has spent billions to acquire residential firms in the past two years. In November, it shelled out $250 million to buy Homesnap, a national search portal. [WSJ] — E.B. Solomont





    Related Articles

    arrow_forward_ios
    Real estate at risk: Industry vulnerable to data breaches
    Real estate at risk: Industry vulnerable to data breaches
    Real estate at risk: Industry vulnerable to data breaches
    Photo illustration of CoStar CEO Andrew Florance (iStock, CoStar)
    CoStar lures workers back to offices with cash prizes, Teslas
    CoStar lures workers back to offices with cash prizes, Teslas
    CoStar CEO Andy Florance (Getty)
    CoStar profits rebound with $74M in net income
    CoStar profits rebound with $74M in net income
    This is your home on tech
    This is your home on tech
    This is your home on tech
    Redfin CEO Glenn Kelman and RentPath CEO Dhiren Fonseca (Redfin, Rentpath, iStock)
    Redfin finalizes $608M RentPath acquisition
    Redfin finalizes $608M RentPath acquisition
    CoStar CEO Andy Florance
    CoStar retreats from failed CoreLogic bid
    CoStar retreats from failed CoreLogic bid
    CoStar Group Andrew C. Florance. (Getty)
    CoStar revenue soars 19% after year of acquisitions
    CoStar revenue soars 19% after year of acquisitions
    Redfin CEO Glenn Kelman and RentPath CEO Dhiren Fonseca (Redfin, RentPath/Illustration by Kevin Rebong for The Real Deal)
    Redfin to buy RentPath for $608M
    Redfin to buy RentPath for $608M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...