Automobile insurance software maker Solera Holdings Inc. (SLH) has agreed to be taken private by Vista Equity Partners for approximately $6.5 billion less than a month after announcing that it has started a strategic review. Solera Holdings announced Sunday that an affiliate of Vista Equity Partners will acquire the company for $6.5 billion, or $55.85 per share, including the company’s existing net debt. Other investors include an affiliate of Koch Equity Development LLC and an affiliate of Goldman, Sachs & Co. Shares of Solera jumped up nearly 9% Monday morning to $53.80 per share, giving the company a $3.6 billion market capitalization. Solera’s board has unanimously approved the transaction and has recommended shareholders to vote in favor of the tie-up with Vista Equity. The company’s special committee of independent directors of the board has also unanimously recommended the transaction. ‘We believe an acquisition by private equity is the most desirable result for shareholders as it ‘pulls forward’ value which would likely have taken several years to manifest,’ SunTrust Robinson Humphrey Inc. analyst Andrew Jeffrey wrote in a note Monday.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
