Mr. Cooper Group Completes Sale of Title365 for $500 million
July 06 2021 - 9:00AM
Business Wire
Mr. Cooper Group Inc. (“Mr. Cooper”) announced today that it has
completed the sale of Title365 to Blend Labs, Inc. on June 30,
2021, for $500 million, consisting of $450 million in cash and a
retained interest of 9.9 percent. Consistent with previously
disclosed expectations, Mr. Cooper received cash proceeds of
approximately $450 million and recorded an after-tax gain of
approximately $350 million.
“This sale and our ability to swiftly and smoothly close this
transaction reinforces our commitment to growth and profitability,
and is another step we are taking to transform Mr. Cooper into the
leading non-bank mortgage company,” commented Chairman and CEO Jay
Bray.
“Additionally, this transaction adds meaningfully to our
tangible book value and liquidity, which puts us in an excellent
position to accelerate both growth in our businesses and drive
significant incremental shareholder value.”
Wachtell, Lipton, Rosen & Katz acted as legal advisor to Mr.
Cooper Group and Houlihan Lokey acted as financial advisor to Mr.
Cooper Group.
About Mr. Cooper Group
Mr. Cooper Group Inc. (NASDAQ: COOP) provides quality servicing,
origination and transaction-based services related principally to
single-family residences throughout the United States with
operations under its primary brands: Mr. Cooper® and Xome®. Mr.
Cooper is one of the largest home loan servicers in the country
focused on delivering a variety of servicing and lending products,
services and technologies. For more information, visit
www.mrcoopergroup.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210706005218/en/
Investor Contact: Kenneth Posner, SVP Strategic Planning and
Investor Relations (469) 426-3633 Shareholders@mrcooper.com
Media Contact: Christen Reyenga, VP Corporate Communications
MediaRelations@mrcooper.com
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