Richmond, British Columbia-based MacDonald, Dettwiler and Associates Ltd. has agreed to sell its property information business to investment firm TPG Capital. The business line, which is principally located in the U.S. and Europe, includes MDA Lending Solutions (MDA DataQuick and MDA MindBox), as well as Marshall & Swift / Boeckh, a supplier of building-cost information.
‘Our property information business was built on the strengths of our information solutions competencies,’ says MDA's CEO, Dan Friedmann. "We determined that this business should operate under separate ownership going forward if we could crystallize good value.’
MDA expects to realize net cash proceeds of approximately $850 million from the sale after related taxes. The transaction is expected to close early next year.
In addition to MDA DataQuick and MDA MindBox, MDA Lending Solutions offers traditional settlement services, such as collateral valuation, title insurance, flood compliance, residential credit and closing/settlement products.
SOURCE: MDA Corp.