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Corelogic Acquires Complete Ownership Of RELS, Notes Purchase Is 'Logical Next Step' In Expanding Offerings

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Corelogic Inc (NYSE: CLGX), a property information, analytics and data-enabled services provider, announced after Tuesday's market close that it completed the acquisition of the 49.9 percent stake of RELS, LLC it did not already own for $65 million.

RELS is a provider of real estate asset valuation and appraisal solutions. The company offers its clients access to electronic property appraisal ordering, tracking and fulfillment services and workflow best practices.

Corelogic noted that the transaction is expected to be accretive to its 2016 financial results and the acquisition was funded with cash on hand.

"RELS has been a leading provider of property valuation services for almost two decades under the joint ownership of CoreLogic and Wells Fargo. Consolidating our ownership of RELS represents a logical next step in expanding the capabilities and scale of our property valuations offerings," said Anand Nallathambi, President and Chief Executive Officer of CoreLogic.

"RELS's market leadership and proven operational excellence; together with our existing valuation-related assets and our recent acquisition of LandSafe Appraisal Services and the pending acquisition of FNC, allow us to bring unique insights and compelling solutions to the marketplace which should generate significant topline growth opportunities for CoreLogic in 2016 and beyond," added CoreLogic Chief Operating and Financial Officer Frank Martell.

 

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