"Stewart is offering 1.9 million shares of common stock at $68 per share. Underwriters also have a 30-day option to purchase up to 285,000 additional shares at the offering price. If exercised in full, the raise would total $148.6 million. Goldman Sachs & Co. LLC is serving as lead bookrunner, with Citizens Capital Markets also participating. Immediately following the announcement, Stewart's stock traded down 2.87% to $71.96."
"On the M&A front, Stewart is expanding further into property preservation through the acquisition of MCS's mortgage services unit. The deal is expected to close before year's end and be immediately accretive. Stewart plans to fund the transaction with existing resources, and the division will continue to operate as a standalone business. Property preservation services are critical and necessary for servicers as part of the mortgage lifecycle, and currently a service Stewart does not offer, Stewart CEO Fred Eppinger said when announcing the deal."
Stewart is offering 1.9 million shares at $68 per share with underwriters holding a 30-day option for up to 285,000 additional shares. If the option is fully exercised, the transaction would raise $148.6 million. Goldman Sachs & Co. LLC is lead bookrunner and Citizens Capital Markets is participating. Stewart's stock fell about 2.87% to $71.96 after the announcement. Stewart is acquiring MCS's mortgage services unit to expand into property preservation, expects the deal to close before year-end and to be immediately accretive, will fund it with existing resources, and will operate the division as a standalone business. Property preservation is a currently unoffered, critical servicer function in the mortgage lifecycle.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]