Solera Holdings, Inc. (NYSE: SLH) said that it has signed a definitive agreement to acquire the insurance and services division of Pittsburgh Glass Works, LLC.
The acquisition is subject to certain closing conditions, including Hart-Scott-Rodino clearance, and is expected to close in the fourth quarter of Solera´s fiscal year ending June 30, 2014.
The acquisition will expand the reach of Solera´s products and services by creating the only automotive repair and claims management platform that spans collision claims, mechanical repair, glass claims and parts exchange in the US.
Under the terms of the Agreement, Solera will purchase 100 percent of the operating entities and other assets that comprise I&S´s business for approximately USD280m. The entire purchase price will be paid in cash.
Solera is a leading global provider of software and services to the automobile insurance claims processing and decision support industries. Its website is at http://www.solerainc.com.