Corporate team provides acquisition advice

We are pleased to confirm completion of the acquisition by the US based Solera Holdings, Inc., of HPI Limited , for GBP £78.3 million (USD $117.4 million).

HPI Limited is the leading UK provider of used vehicle validation services and operator of the eponymous 'HPI check'. HPI was previously owned by RAC a member of the Aviva Group, the largest insurance provider in the UK.

Our Corporate team were instructed by the buyer, a subsidiary of Solera Holdings Inc. Solera is the leading global provider of software and services to the automobile insurance claims processing industry and is active in over 50 countries across six continents. We have a longstanding relationship with Audatex, Solera’s UK subsidiary.

The transaction, which was formally completed on 19^th December 2008, was the result of a competitive auction process generating interest among a number of bidders, including large corporates. The deal consideration consisted of both cash and subordinated notes, as well as a provisional additional sum based on future financial performance.