CoStar closes in on CoreLogic

Data giant previously offered $77 to $83 per share

National /
Jan.January 21, 2021 05:46 PM
CoStar's Andy Florance and CoreLogic’s Frank D. Martell (Photos via VCU; Getty; iStock)

CoStar’s Andy Florance and CoreLogic’s Frank D. Martell (Photos via VCU; Getty; iStock)

CoStar Group may be nearing its next acquisition.

The data giant and a private group, led by Warburg Pincus, have emerged as the final two bidders for CoreLogic, a data provider for the real estate and mortgage industries, reported Bloomberg News.

The bids are not known, but CoreLogic is said to be evaluating offers and will make a decision in the coming weeks. Ultimately, CoreLogic may opt to remain independent.

For CoStar — which has spent billions of dollars acquiring companies over the past few years — the deal would be its biggest takeover yet, Bloomberg said. The company had $3.8 billion in cash as of Sept. 30, 2020, regulatory filings show.

In November, it paid $250 million to buy Homesnap, a listing portal. A month later, CoStar’s deal to buy RentPath for $585 million was called off after federal antitrust regulators sued to block the deal.

CoreLogic, which is based in Irvine, Calif., has been in the crosshairs of potential acquirers for months. In June, activist investors Cannae Holdings Inc. and Senator Investment Group offered to buy the company for $66 per share. But they backed out of the deal when CoreLogic said it got an offer as high as $80 per share. In November, CoreLogic launched a strategic review of its options after Cannae and Senator won three seats on its board.

Its stock closed at $76.79 per share on Thursday, giving it a $5.9 billion market cap.

CoStar’s interest in CoreLogic has been known for several months. In October, it reportedly offered $77 to $83 per share, according to Bloomberg. But talks stalled after CoStar refused terms of CoreLogic’s non-disclosure agreement.

[Bloomberg] — E.B. Solomont 






    Related Articles

    arrow_forward_ios
    Construction startup Built lands $1.5B valuation
    Construction startup Built lands $1.5B valuation
    Construction startup Built lands $1.5B valuation
    iBuyer bonds attracting Wall Street capital
    iBuyer bonds attracting Wall Street capital
    iBuyer bonds attracting Wall Street capital
    A history of real estate fraud in 8 scandals
    A history of real estate fraud in 8 scandals
    A history of real estate fraud in 8 scandals
    Pot legalization sparks tension with landlords
    Pot legalization sparks tension with landlords
    Pot legalization sparks tension with landlords
    Hope returns to event venues faster than federal funds arrive
    Hope returns to event venues faster than federal funds arrive
    Hope returns to event venues faster than federal funds arrive
    Understanding Islamic-compliant commercial development and finance
    Understanding Islamic-compliant commercial development and finance
    Understanding Islamic-compliant commercial development and finance
    How information asymmetry twists commercial real estate markets
    How information asymmetry twists commercial real estate markets
    How information asymmetry twists commercial real estate markets
    The quest to aggregate flexible office data
    The quest to aggregate flexible office data
    The quest to aggregate flexible office data
    arrow_forward_ios

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

    Loading...