CoreLogic Inc. agreed to buy three real estate data companies from TPG Capital’s Decision Insight Information Group for $661 million to expand its coverage of the property/casualty insurance industries.
Corelogic will acquire Marshall & Swift/Boeckh, DataQuick Information Systems and the credit and flood-services unit of DataQuick Lender Solutions, the Irvine, Calif.-based company said in a statement. The deal is expected to be completed within three months, according to the statement.
“The acquisition of MSB and DataQuick significantly expands our footprint in property and casualty insurance and adds additional scale to our existing property data and analytics business,” CoreLogic Chief Executive Officer Anand Nallathambi said in the statement. “In addition to the obvious financial benefits and cost synergies, the combination of CoreLogic, MSB and DataQuick should yield significant future growth opportunities.”
CoreLogic bought the companies as part of a strategy to grow its data and analytics business to make up more than half of total revenue, according to the statement. CoreLogic bought the Case-Shiller home-price indexes for $6 million in April, adding a widely used measure of U.S. property values to its real estate data.
CoreLogic was advised by Evercore Partners on the deal and Decision Insight was advised by Bank of America Merrill Lynch, according to the statement. TPG is a Fort Worth, Texas-based private-equity firm started by David Bonderman and James Coulter.
(Editors: Jeff St.Onge, Andrew Blackman.)
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