Starrex International, Ltd announced it closed the transaction involving the arm’s length sale of its real estate appraisal management business conducted by its subsidiary Property Interlink, LLC and its real estate appraisal business conducted by its subsidiary Reliable Valuation Service, LLC, and substantially all of the related assets, Starrex announced in a press release.

After adjustments, the cash purchase price was $9.847 million. The net proceeds from the sale (after tax) and all expenses, including retention and change of control payments, are estimated to be $6.2 million.

Starrex held an annual meeting of shareholders to consider, among other matters, approval for the sale of the business. The transaction required approval from shareholders holding at least 66⅔ percent of shares voted in person or by proxy at the meeting. Starrex received approval from 99.9 percent of the shareholders who voted at the meeting.

” We are extremely pleased to have closed this transaction and appreciate the trust our shareholders have placed in the management team to allow us to proceed with the transaction,” Starrex President/CEO Matthew Hill said in the release. “We look forward to reporting on our efforts as we redeploy our capital in securing new opportunities in the real estate title industry and building additional value for the company and our shareholders.”

The terms and conditions of the transaction were contained in Starrex’s information circular that was mailed to shareholders.