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UPDATE 1-CoreLogic sells business units for $265 mln
December 23, 2010 / 3:29 PM / 7 years ago

UPDATE 1-CoreLogic sells business units for $265 mln

* Sells employer services, litigation support units

* PE firm Symphony Technology Group is the buyer

* To use proceeds to fund strategic acquisitions

Dec 23 (Reuters) - CoreLogic Inc (CLGX.N), that provides data to the real estate and mortgage sectors, agreed to sell its employer services and litigation support units to private equity firm Symphony Technology Group for $265 million in cash.

The company plans to use the proceeds from the sale to fund acquisitions of businesses more in line with its core operations.

“These are valuable businesses with good growth potential, but we are determined that they do not have a long-term strategic fit within CoreLogic,” CoreLogic Chief Executive Anand Nallathambi said in a statement.

Santa Ana, California-based CoreLogic, earlier a part of financial services giant First American Corp, became an independent publicly traded company in June 2010.

Macquarie Capital advised CoreLogic in the sale process.

CoreLogic shares, which have fallen 3 percent in the past year, were up 2 percent at $18.95 on Thursday morning on the New York Stock Exchange. (Reporting by Tenzin Dekeva in Bangalore; Editing by Joyjeet Das)

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