Hedge Funds

Vista Equity affiliate buying Solera for $3.74B

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

Solera is being acquired by an affiliate 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 will receive $55.85 for each share they own. That's a 13 percent premium to the Westlake, Texas, company's Friday closing price of $49.45.

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

Solera's stock gained more than 8 percent before the opening bell Monday.