CoreLogic acquires ClosingCorp | National mortgage news

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CoreLogic announced Wednesday that it will acquire outstanding shares ClosingCorpThe merger of the two data and analytics providers is expected to complete in the third quarter of 2021.

The deal will combine CoreLogic analytics with the ClosingCorp platform, which offers streamlined settlement services during the closing process.

“The combination of ClosingCorp and CoreLogic digital solutions, platforms and domain expertise clearly complements our customers and the broader housing ecosystem,” said Frank Martell, president and CEO of CoreLogic.

The move comes after the once-public company CoreLogic, headquartered in Irvine, California, was bought earlier this year by private equity firms. Stone Point Capital and Insight Partners by about $ 6 billion, or $ 80 per share. This trade closed after severe monthly testswhich began when CoreLogic found itself under the crosshairs of takeover proposals from Cannae Holdings and Senator Investment Group. Two firms have attempted at some point replace the whole CoreLogic board… Cannae Holdings chairman Bill Foley is also chairman of Black Knight, a competitor to CoreLogic.

The takeover failed in October after CoreLogic announced that it was considering other acquisition offers that are $ 14 per share above Cannae Holdings and Senator Investment Group. But the subsequent purchase of Stone Point Capital and Insight Partners came under threat when the commercial research firm CoStar Group made its own hostile proposal to CoreLogic. Costar later called off its takeover attempt, citing higher mortgage rates

The announcement on Wednesday of the merger between CoreLogic and San Diego-based ClosingCorp was dictated by much less tension as ClosingCorp CEO Bob Jennings praised the complementarity of the two companies.

“Combining our commission and order management platform with the extensive resources that CoreLogic provides will create significant benefits for our customers in terms of workflow simplification and continuous innovation,” Jennings said.



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