In a $463.8 million deal, Solera Holdings Inc. acquired CAP Automotive, which provides valuations and specifications for new and used vehicles in the United Kingdom.
Westlake-based Solera, which specializes in risk management software and services to the automotive and property sectors, acquired 100 percent of CAP's parent company's equity assets.
All of the agreed-upon purchase price is payable in cash, most of which has already been paid. The rest of the payment will be given based on a time-based schedule after the acquisition is completed.
"The acquisition of CAP is the latest in a series of investments in our risk and asset management strategy, adding capabilities that create a unique 'digital garage,'" said Tony Acquila, Solera's founder, chairman and CEO. "Expanding our valuation services through CAP will connect our investments and grow our presence in each phase of the vehicle lifecycle, from purchase, through SMR, to sale or salvage."
For the 12 months ending Sept. 30, CAP posted revenues of $46 million.
Solera's acquisition of the company will add 1 cent per share to earnings in 2015 and 4 cents per year after.