Solera Holdings, Inc. (NYSE: SLH) said it has signed a definitive agreement to purchase equity interests in a parent company of Service Repair Solutions, Inc. from an affiliate of Welsh, Carson, Anderson & Stowe.
The transaction is subject to customary closing conditions, including Hart-Scott-Rodino clearance, and is expected to close in Solera´s second quarter of fiscal year 2014.
SRS is a provider in the USD200B service, maintenance and repair market with proprietary databases and workflow solutions.
Under the terms of the joint venture agreements, Solera will purchase at least 50% of the joint venture shares for approximately USD289m. Solera will have the right to call Welsh Carson´s joint venture shares, and Welsh Carson will have the right to put its joint venture shares to Solera, which will have operational control of the joint venture.
Solera is a leading global provider of software and services to the automobile insurance claims processing and decision support industries. For more information, please refer to the company´s website at http://www.solerainc.com.
Welsh, Carson, Anderson & Stowe focuses its investment activity in two target industries, information/business services and healthcare. See www.welshcarson.com to learn more.