Where Real Estate Gets Its Dirt

An investor group led by Bill Foley set to acquire CoreLogic

Cannae Holdings and Senator Investment Group Submit Proposal to Acquire CoreLogic

“We have followed the Company closely and have spent the last nine months performing extensive “outside-in” due diligence. Despite its strong market position as a provider of data and analytics for the real estate and mortgage industries, we believe the Company will not achieve its full potential under its current strategic plan. We therefore believe the proposed transaction is in the best interests of all the Company’s stakeholders.
Cannae and its affiliates in the proposed transaction are led by William P. Foley II (Bill Foley), a preeminent operator and investor with an established track record of successful acquisitions and value creation. Under Bill Foley’s leadership, we would seek to reignite growth at CoreLogic, increase operating efficiency, and improve overall allocation of scarce capital resources. Bill Foley has extensive experience transforming similar businesses and is uniquely positioned to strengthen the Company’s customer, financial, and employee relationships.

Holy Shit!

Of course, you know Bill Foley is also the chairman of Black Knight too. So in this scenario Matrix and Paragon would be under one roof.

And the deal is likely to happen…

“Please understand, however, as demonstrated by our sizable investment in the Company, that we are committed to this transaction. Senator has conducted a thorough study of the Company’s governance documents and the remedies available to all shareholders and is prepared to exercise our rights, including by calling a special meeting and soliciting proxies, for the benefit of the Company’s shareholders should that be necessary.”

Many people (and by people, I mean investors) believe that the current COVID crisis will accelerate rapid transformation in real estate. Bill Foley is a Grandmaster in chess at seizing crisis and making opportunity.

Beyond the COVID crisis itself, this is the biggest news in the MLS business this year (so far).

  1. Great scoop Greg. The Barbarian at the Gate is a Black Knight, should be interesting to follow these developments. Two great companies, full of talented people. Hopeful for the best outcome for everyone involved.

    Very surprised this stayed out of the news until now. Cannae (who I had not heard of until today), led by Bill Foley, buys half of a 15% stake in a primary competitor (with Senator buying the other half), and they were able to keep it quiet until today’s announcement. I suppose CoreLogic knew what was happening, just surprised in our news-travels-fast industry, this stayed under wraps.

  2. Without a doubt, there are a lot of deals happening in the background over the last 90 days.

  3. Big mergers are exciting. Can they innovate quickly? MLS tech has stagnated. Small time charlatans over-promise lead generation and analytics. Struggling MLS tech will merge with data providers and financial services.

    Real estate companies want to broker transactions. One platform: home finding, loan origination, and service providers.

    Redfin and Zillow continue to eat real estate services companies. Nobody wants to be picked last at the dance. We all see flailing vendor layoffs.

    I agree with David, lots of background action this season. This move is larger than MLS platform vendors.

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