Solera sale to move forward
- 13/10/2015
- Posted by: Simon Wait
- Category: News
Solera has said that regulators have given early clearance for the insurance software provider to be taken over by private-equity firm Vista Equity Partners.
The companies announced the agreement in September, saying it was valued at $6.5 billion, including net debt. The closing of the deal is still pending a vote of Solera stockholders, among other conditions.
Solera provides software to the automobile-claims-processing industry. A partner of US-based Vista Equity purchased all outstanding shares of Solera for $55.85 each in cash, representing a premium of 53% over the company’s closing share price of $36.39 on 3 August 2015.
The deal included a combination of common and preferred equity contributions by investment funds affiliated with Vista, Koch Equity Development and an affiliate of Goldman Sachs Group Inc.
Solera is home to brands such as Audatex, CarweB, and AUTOonline, serving customers that include car-insurance companies, collision-repair facilities and independent assessors.
