Solera completes £78.3m acquistion of HPI

US-based Solera Holdings has completed a £78.3m deal to acquire HPI Limited, a UK provideer of vehicle validation services and the HPI check.

The deal, completed on December 19 last year, was the result of a competitive auction process generating interest among a number of bidders, including large corporates.

HPI was previously owned by RAC, a member of the Aviva Group.

The deal consideration consisted of both cash and subordinated notes, as well as a provisional additional sum based on future financial performance.

Margaret Cole were the solicitors involved in helping complete the acquisition.