CoreLogic to Acquire Symbility Solutions
CoreLogic, a global provider of property information, insight, analytics and data-enabled solutions, has announced its plans to acquire the outstanding shares of Symbililty Solutions not already owned by CoreLogic.
CoreLogic currently owns 28% of the Symbility shares (on a non-diluted basis). Under the terms of the Agreement, CoreLogic has agreed to acquire from each of the holders of Symbility’s outstanding common shares, the Symbility common shares not owned by CoreLogic or its affiliates, for C$0.615 in cash for each Symbility share. In addition, all holders of outstanding stock options of Symbility will be entitled to receive the “in-the-money” value of such stock options, less applicable withholdings (the “Optionholders” together with the Shareholders, the “Securityholders”) (the “Transaction”). This represents an aggregate value on a fully diluted basis of approximately C$159.5 million. This price represents a 20% premium to the 20-day volume weighted average trading price of Symbility’s common shares on the TSXV and a 26% premium to the closing price of Symbility’s common shares on the TSXV, as of October 19, 2018.
Symbility, founded in 2004, is a provider of subscription and cloud-based property insurance claims workflow solutions for the P&C insurance industry. It also provides an extensive array of innovative enterprise mobile and application software solutions. The company is headquartered in Toronto, Canada and operates in the US., Canada, the United Kingdom, Germany, Netherlands, Australia and New Zealand.
“Symbility expands our footprint in property and casualty insurance domestically and in key markets around the globe. Further scaling our insurance and international footprint offers the potential for significant non-cyclical growth in line with our long-term goal of sourcing at least 50% of our revenues from non-U.S. mortgage. In addition to the obvious financial benefits and synergies; the combination of CoreLogic and Symbility should yield significant future growth opportunities through the introduction of new products, services and workflow tools which draw from a wide range of unmatched gold-standard data assets, platforms and analytical capabilities.” – President and CEO of CoreLogic, Frank Martell (who enjoys a 40% approval rating on Glassdoor).
The transaction is expected to close by the end of 2018 and is subject to Symbility shareholder and option-holder approval, court approval, certain third-party consents and customary closing conditions.
