Vista Equity Partners affiliate buying software maker Solera for about $3.74 billion

WESTLAKE, Texas – Solera is being acquired by an affiliate of private equity firm Vista Equity Partners for about $3.74 billion in cash.

The company, which makes insurance claims software, said last month that it was exploring a sale.

Shareholders of Solera Holdings Inc. will receive $55.85 for each share they own. That’s a 13 per cent premium to the Westlake, Texas, company’s Friday closing price of $49.45.

The companies put the deal’s value at about $6.5 billion, including debt.

Solera’s board unanimously approved the acquisition.

The transaction is targeted to close no later than 2016’s first quarter. It still needs approval from Solera shareholders.

Solera’s stock gained $4.05, or 8 per cent, to $53.50 before the opening bell on Monday.