Dec. 8, 2015, 4:10 PM
Sep. 29, 2015, 9:41 AM
- IHS (IHS +3.5%) used its FQ3 earnings call to state it's not pursuing an acquisition of Solera (SLH -2.2%). Bloomberg and Reuters previously reported IHS was interested in a bid that would trump Vista Equity's $55.85/share offer.
- While Solera slips, IHS is higher following the disclosure, an FQ3 beat, and solid FY15 (ends in November) guidance. The business information software/services provider expects FY15 revenue to be at the midpoint of a $2.3B-$2.34B guidance range, and EPS to be toward the high end of a $5.80-$6.00 range. Consensus is at $2.32B and $5.92.
Sep. 25, 2015, 7:49 PM
- IHS has lined up three banks for debt financing and is preparing a stock-and-cash bid for Solera Holdings (NYSE:SLH) for as soon as next week to exceed the existing $6.5B deal Solera has to sell itself to Vista Equity Partners, Reuters reports.
- Solera had reportedly been pursuing a possible deal with IHS after it thought offers from Vista Equity and Thoma Bravo were light. IHS could reduce exposure to the energy sector by taking on Solera, which makes software to process car insurance claims and could fit well with existing IHS automotive data unit R.L. Polk & Co.
- IHS is pushing the offer such that the companies can close a deal by Oct. 11, Reuters says, when Solera's deal termination fee due to Vista Equity would rise to $114.4M from $38.2M.
- After hours: SLH +0.8%, to $55.72 (Vista Equity's offer is for $55.85/share); IHS unchanged.
- Previously: IHS reportedly mulling counteroffer for Solera; SLH +3.6% (Sep. 21 2015)
- Previously: Solera Holdings confirms $6.5B buyout (Sep. 14 2015)
- Previously: Reuters: Buyout of Solera Holdings stalling over price (Sep. 11 2015)
Sep. 14, 2015, 5:17 AM
Sep. 13, 2015, 9:25 PM
- Solera Holdings (NYSE:SLH) will receive an offer from Vista Equity at $55.85 per share, sources tell Bloomberg.
- Vista has a group of heavyweight partners lined up for the deal, including Broad Street Principal Investments and a Koch Industries subsidiary.
- The new offer values the company at close to $6.5B inclusive of debt and is 13% higher than the closing price of Solera when the bell rang on Friday.
- Previously: Bloomberg: Solera close to ~$53/share deal to sell company (Sept. 9)
- Previously: Reuters: Buyout of Solera Holdings stalling over price (Sept. 11)
Sep. 11, 2015, 8:26 PM
- Talks to buy out insurance industry software maker Solera Holdings (NYSE:SLH) are stalling out over price, Reuters reports.
- Buyout firms Thoma Bravo and Vista Equity Partners have made offers that Solera finds wanting, according to sources. Final offers were reported earlier this week around $53/share, which would value the company around $3.6B.
- Thoma Bravo is working to boost its bid by taking on more debt, the sources said.
- Solera's now pursuing selling itself to another company instead, reportedly including IHS, which provides information and analytics to a number of industries.
- Solera Holdings finished the day up 3.9%, to $49.45. A $53 purchase price represents a 7% premium from there.
- Previously: Bloomberg: Solera close to ~$53/share deal to sell company (Sep. 09 2015)
Sep. 9, 2015, 3:58 PM
- P-E firms Thoma Bravo and Vista Equity are reportedly among the final bidders for Solera (SLH -2.1%) as it nears a sale. Sources add "a strategic company" may have also bid, and that a buyer could be decided as soon as next week.
- Bloomberg originally reported on Aug. 19 the auto insurance software firm was considering a sale. A $53/share deal would imply a $3.6B valuation. Shares are currently trading at $48.40; the 52-week high is $60.72.
Aug. 20, 2015, 1:55 PM
- A day after Bloomberg reported Solera (SLH -3.4%) is exploring a sale and has reached out to P-E firms, the company says it's "exploring a variety of strategic alternatives."
- I-bank Centerview Partners and advisory group Rothschild have been hired as financial advisors. Law firm Sullivan & Cromwell has been hired as a legal advisor. Shares have sold off on a down day for equities.
Aug. 19, 2015, 4:17 PM
- Solera (NYSE:SLH) "has attracted interest from private equity firms" and has made the effort to approach the likes of Thoma Bravo and Pamplona Capital, Bloomberg reports. It adds the sale efforts are at an early stage.
- The auto insurance software vendor posts FQ4 results on Aug. 25. Last month, Solera closed its $595M acquisition of SaaS auto repair shop software firm Identifix, and guided for 11%-13% FY16 (ends June '16) revenue growth, 6%-8% organic growth, and EPS of $2.84-$3.08.
May 13, 2014, 9:56 AM
- Solera Holdings (SLH +1.3%) opens higher after agreeing to acquire the insurance and services division of Pittsburgh Glass Works for $280M.
- Solera, a global provider of software and services to the automobile insurance, expects the deal to help it become a comprehensive automobile repair and claims management company.
Oct. 4, 2013, 11:33 AM
- Solera (SLH -0.4%) purchases a minimum 50% equity interest in Service Repair Solutions from P-E firm Welsh, Carson, Anderson & Stowe for $289M with a call option to buy the firm's remaining shares in the JV (and a reciprocal put option held by the P-E firm). The transaction is expected to close in Q2 of FY2014.
- The move continues a trend of vertically-oriented integration for the insurance software provider. SRS's diagnostic and repair database is used by ~50K repair shops in the U.S. and Canada.
- Management expects the transaction to generate revenue of $80M-$82M in FY 2014 and EPS of $0.20-$0.22.
Sep. 17, 2013, 11:18 AM
- Solera (SLH +0.1%) acquires Serinfo, a Chilean provider of dealership/bodyshop management systems.
- The company plans to marry Serinfo's platform will Solera's insurance product offering.
May 29, 2012, 4:52 PM
Auto insurance claims software firm Solera (SLH) says it's buying Actual Systems, a provider of software for managing parts recycling yards, for an undisclosed sum. The company touts Actual's ability to complement Solera's auto parts software business, and its international exposure. (PR)| May 29, 2012, 4:52 PM