Real estate analytics firm CoreLogic, which had previously held a 40% equity interest in RP Data Ltd., has completed its acquisition of all the outstanding shares of the publicly traded company based in Brisbane, Australia.
RP Data provides residential and commercial property information, including electronic property valuations and consumer reports, throughout Australia and New Zealand. RP Data serves more than 10,000 clients, including a significant market penetration with real estate agents, appraisers and financial institutions.
“We look forward to the extension of CoreLogic products and intellectual property into the Australia and New Zealand markets, and further business expansion into the Asia Pacific region,” says Anand Nallathambi, president and CEO of CoreLogic (NYSE: CLGX).
Headquartered in Santa Ana, Calif., CoreLogic provides consumer, financial and property information to businesses and the government. The company has built comprehensive databases that cover U.S. real estate, mortgage applications, fraud, and loan performance. CoreLogic has more than 10,000 employees globally with 2010 revenues of $1.6 billion.
In January, CoreLogic reached an agreement with RP Data to purchase the outstanding shares of the company for a price of $1.65 per share, plus the assumption of existing debt. (All figures are in Australian dollars.) The total purchase price was $194 million, including $149 million for the remaining 60% equity and the assumption of $45 million of bank debt.
Formerly the information solutions group of The First American Corp., CoreLogic began trading on the New York Stock Exchange on June 2, 2010. At the close of trading Friday, the price of CoreLogic stock stood at $18.66 per share, down from $19.56 per share on June 2, 2010.
RP Data has traded on the Australian Securities Exchange under the stock symbol RPX.