Rocket Companies is acquiring Mr. Cooper Group in a $9.4 billion all-stock deal, aiming to dominate the mortgage market. This merger will result in one out of every six mortgages in the U.S. being managed by the combined entity, substantially increasing their client base by nearly 7 million. By consolidating resources and technology, Rocket aims to streamline the lending process for consumers struggling in a difficult housing market defined by high prices and interest rates. Jay Bray, the current CEO of Mr. Cooper, will lead as the new president and CEO of Rocket Mortgage post-acquisition.
"By combining Mr. Cooper and Rocket, we will form the strongest mortgage company in the industry, offering an end-to-end homeownership experience backed by leading technology and grounded in customer care," said Mr. Cooper Chairman and CEO Jay Bray.
"The deal will boost loan volumes while lowering client acquisition costs, representing one in every six mortgages in the United States with almost 7 million additional clients."
"Rocket, which is on an acquisition streak, are attempting to create more of a one-stop shopping experience for frazzled would-be homebuyers in a slumping housing market."
"Mr. Cooper shareholders will receive a fixed exchange ratio of 11 Rocket shares for each share of Mr. Cooper common stock, with Rocket shareholders owning approximately 75% of the combined company."
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