CoreLogic (NYSE: CLGX) has completed the acquisition of the 49.9 percent interest that Wells Fargo Bank, N.A. held in RELS, LLC for USD 65 million, the company said.
CoreLogic had held a 50.1 percent interest in RELS.
RELS´s operating results will be fully consolidated into CoreLogic´s financial reporting beginning in the first quarter of 2016.
Previously, RELS operating results had been reflected in the company´s financial reporting, in line with its ownership percentage, as a component of equity in earnings of affiliates. The transaction is expected to be accretive to 2016 financial results excluding one-time integration investments and reductions from transitional accounting items. The transaction was funded using cash on hand.
RELS provides real estate asset valuation and appraisal solutions. It offers access to high quality and experienced valuation professionals; electronic property appraisal ordering, tracking and fulfillment services and workflow best practices.
CoreLogic provides global property information, analytics and data-enabled services. The company´s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific.