{"id":457603,"date":"2021-03-15T09:03:15","date_gmt":"2021-03-15T13:03:15","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=457603"},"modified":"2021-03-15T09:03:15","modified_gmt":"2021-03-15T13:03:15","slug":"mr-cooper-group-announces-sale-of-title365-for-500-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/mr-cooper-group-announces-sale-of-title365-for-500-million\/","title":{"rendered":"Mr. Cooper Group Announces Sale of Title365 for $500 Million"},"content":{"rendered":"

<\/p>\n

Mr. Cooper Group Announces Sale of Title365 for $500 Million<\/b><\/p>\n

DALLAS–(BUSINESS WIRE<\/a>)–
\nToday Mr. Cooper Group Inc. (\u201cMr. Cooper Group\u201d) announced the signing of a definitive agreement to sell its title business, which operates under the brand name Title365, to Blend Labs, Inc. for $500 million, consisting of $450 million in cash and a retained interest of 9.9%, subject to certain adjustments. The sale is expected to close in the second quarter of 2021, subject to customary conditions including regulatory approval. As part of the transaction, Title365 will retain all cash generated between today and closing for the benefit of the acquirer and as such is not expected to contribute to Mr. Cooper Group’s earnings in the second quarter. Mr. Cooper Group expects to record an after-tax gain of approximately $350 million and receive cash proceeds net of transaction costs and cash taxes of approximately $400 million upon closing.\n<\/p>\n

\n\u201cThe Title365 team has produced outstanding results, which contributed to Mr. Cooper Group\u2019s strong profitability and operating momentum over the last year,\u201d said Jay Bray, Chairman and CEO of Mr. Cooper Group. \u201cThis decision follows a comprehensive strategic review in which we determined that Title365 would gain greater investor credit as part of a company like Blend, where it will have a significant strategic impact. This decision allows Mr. Cooper Group to focus on the growth and profitability potential within our core business of servicing and originations.\u201d\n<\/p>\n

\nMr. Cooper Group Vice Chairman and CFO Chris Marshall added, \u201cWe\u2019re pleased with the terms of the transaction which, once closed, will add meaningfully to our liquidity and tangible book value, and should reinforce our strong commitment to generating shareholder value.\u201d\n<\/p>\n

\nWachtell, Lipton, Rosen & Katz acted as legal advisor to Mr. Cooper Group and Houlihan Lokey acted as financial advisor to Mr. Cooper Group.\n<\/p>\n

About Mr. Cooper Group<\/b><\/p>\n

\nMr. 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\u00ae and Xome\u00ae. 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<\/a>.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210315005425\/en\/<\/a><\/span><\/p>\n

\nInvestor Contact:
\n
Kenneth Posner, SVP Strategic Planning and Investor Relations
\n
(469) 426-3633
\n
Shareholders@mrcooper.com<\/a><\/p>\n

\nMedia Contact:
\n
Christen Reyenga, VP Corporate Communications
\n
MediaRelations@mrcooper.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America Texas<\/p>\n

INDUSTRY KEYWORDS:<\/b> Finance Professional Services Residential Building & Real Estate Commercial Building & Real Estate Construction & Property<\/p>\n

MEDIA:<\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

Mr. Cooper Group Announces Sale of Title365 for $500 Million DALLAS–(BUSINESS WIRE)– Today Mr. Cooper Group Inc. (\u201cMr. Cooper Group\u201d) announced the signing of a definitive agreement to sell its title business, which operates under the brand name Title365, to Blend Labs, Inc. for $500 million, consisting of $450 million in cash and a retained interest of 9.9%, subject to certain adjustments. The sale is expected to close in the second quarter of 2021, subject to customary conditions including regulatory approval. As part of the transaction, Title365 will retain all cash generated between today and closing for the benefit of the acquirer and as such is not expected to contribute to Mr. Cooper Group’s earnings in the second quarter. Mr. … <\/p>\n

Continue reading “Mr. Cooper Group Announces Sale of Title365 for $500 Million”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-457603","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nMr. Cooper Group Announces Sale of Title365 for $500 Million - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/mr-cooper-group-announces-sale-of-title365-for-500-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mr. Cooper Group Announces Sale of Title365 for $500 Million - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Mr. Cooper Group Announces Sale of Title365 for $500 Million DALLAS–(BUSINESS WIRE)– Today Mr. Cooper Group Inc. 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