CoreLogic finds buyer in $6B deal

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

National /
Feb.February 04, 2021 08:11 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
    DTLA residential vacancy rate dips amid more luxury development
    DTLA residential vacancy rate dips amid more luxury development
    DTLA residential vacancy rate dips amid more luxury development
    National Cheat Sheet: Amazon chooses 20 finalists for HQ2, Apple picking a new campus of its own … & more
    National Cheat Sheet: Amazon chooses 20 finalists for HQ2, Apple picking a new campus of its own … & more
    National Cheat Sheet: Amazon chooses 20 finalists for HQ2, Apple picking a new campus of its own … & more
    Xceligent founders abandon plans to launch new data business
    Xceligent founders abandon plans to launch new data business
    Xceligent founders abandon plans to launch new data business
    Xceligent founders are trying to launch new data business to challenge CoStar
    Xceligent founders are trying to launch new data business to challenge CoStar
    Xceligent founders are trying to launch new data business to challenge CoStar
    Xceligent shuts down, files for Chapter 7: source
    Xceligent shuts down, files for Chapter 7: source
    Xceligent shuts down, files for Chapter 7: source
    Andy Florance
    CoStar shelling out $385M for another rental listing website
    CoStar shelling out $385M for another rental listing website
    This is why DTLA has the highest resi vacancy rate in LA County
    This is why DTLA has the highest resi vacancy rate in LA County
    This is why DTLA has the highest resi vacancy rate in LA County
    CoStar makes big push at ICSC
    CoStar makes big push at ICSC
    CoStar makes big push at ICSC
    arrow_forward_ios

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

    Loading...