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Solera Agrees to be Acquired by Vista Equity for $6.5 Billion Including Debt, Part of its Strategic Alternatives

Sep 15, 2015 05:17 AM EDT | By Jean-Claude Arnobit
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Solera Holdings Inc., Vista Equity Partners, acquisition
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Solera Agreed to be Acquired by Vista Equity for $6.5 Billion Including Debt, Part of its Strategic Alternatives
(Photo : Justin Sullivan | Getty Images News)

Solera Holdings, Inc. announced that it has agreed to be acquired by Vista Equity Partners, a U.S.-based private equity firm, for $6.5 billion, including debt, according to a press release issued by Solara Holdings.

The transaction follows Solera Holdings' statement last month that it has set up a special committee to explore strategic alternatives.

Tony Aquila, the founder, chairman and CEO of Solera Holdings, said in the press release that the deal with Vista Equity "delivers immediate compelling value" to the company's "stockholders and represents a pivotal milestone for Solera."

"It not only recognizes our innovative company and talented employees, but also provides us with the optimal flexibility to proliferate our world-class solutions and services for our customers," he said.

Aquila also added in the press release that they are excited to be "working with Vista to further strengthen Solera's global leadership in risk and asset management technologies."

Robert F. Smith, the founder, chairman and CEO of Verizon Equity, adds in the press release that they are excited to be working together with Solera.

"With the portfolio of products the Company has built and acquired, combined with the vision of its leadership, we believe Solera is incredibly well positioned for the next fifty years," he said. "The mission is clear and the opportunity is there to continue to transform how physical assets are managed and insured."

Reuters adds that private equity firms like Verizon Equity have been actively buying insurance service providers.

These equity firms are attracted by the resilience of these insurance service providers in a downturn.

Solera Holdings is a leading provider of risk and asset management software and services to the automotive and property marketplace, according to the press release.

They also service the global P&C insurance industry.

Under the terms of the agreement, Vista Equity acquires 100 percent of Solera Holdings' common stock for $55.85 per share in cash, according to the press release.

The purchase price represents a premium of 53 percent over Solera Holdings' closing price of $36.39 on August 3, 2015.

The merger was unanimously approved by Solera Holding's board of directors following the recommendation of the special committee of independent directors of the Solera Holdings board, according to the press release.

The deal is expected to close on the first quarter of 2016. 

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