Morgan Cole assists Solera acquire HPI
UK law firm Morgan Cole has assisted its client, US based Solera Holdings, Inc., in its acquisition of HPI Limited for $117.4m/£78.3m.
A leading UK vehicle validation services firm, HPI Limited also operates the aptly named “HPI check”, and was earlier part of the Aviva Group and owned by RAC.
The solicitors of Morgan Cole were operating under the instruction of one of Solera’s subsidiaries, and has established a longstanding working relationship with the firm’s UK subsidiary, Audatex.
The deal was formally completed on 19 December and was the end product of a competitive auction which had involved a number of interest parties, including large corporate bidders.
Both cash and subordinated notes were involved in the transaction, with future financial performance dictating an additional sum to be paid later.
Johnathan Rees, Corporate team partner at Morgan Cole, has expressed his delight at successfully assisting Solera to complete the transaction.
Just over a week ago Morgan Cole itself began a merger, joining forces with the Bristol-based specialist in large loss and catastrophic injury work, CIP Solicitors.
The two firms are to officially unify on 1 February, with the move announced on Morgan Cole’s website on 5 January.
The firm will operate in Bristol under the Morgan Cole name, and creates a practice of over 500 staff, including 57 partners.
Category: Insurance News
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