CoreLogic to Acquire Real Estate Software Maker FNC
CoreLogic in Irvine, Calif., has agreed to buy FNC, a provider of real estate software, for $475 million in cash.
CoreLogic's purchase price represents a 13.5% premium to FNC's projected pro forma adjusted 2016 cash flow. CoreLogic is funding the acquisition with cash on hand and debt. The deal is expected to close in the first quarter.
FNC, in Oxford, Miss., makes software for real estate appraisal ordering, tracking, documentation and review for lender regulatory compliance.
CoreLogic plans to combine FNC with its data and analytics business segment.
Evercore was financial adviser to CoreLogic and O'Melveny & Myers was legal counsel. Wells Fargo Securities advised FNC and Butler Snow was legal counsel.