CoreLogic finds buyer in $6B deal
CoStar outbid despite higher, all-stock offer for real estate data firm
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