Shares of Mr. Cooper Group rose 3.8% on Monday to close at $36.93 after the home loan servicer announced the sale of its title business, which operates under the brand name Title365, to Blend Labs, Inc, a digital lending software provider. The deal is worth $500 million, including $450 million in cash and a retained interest of 9.9%, subject to certain adjustments. As per the terms of the agreement, all cash generated after the deal's announcement until the closing will be retained by Title365 for the benefit of the acquirer. Notably, this cash is not likely to be included in Mr. Cooper Group’s (COOP) second-quarter earnings.
https://www.tipranks.com/news/mr-cooper-group-inks-500m-deal-to-sell-title365-shares-gain-4