New Residential Investment (NRZ), Home Loan Servicing (HLSS) Enter Asset Purchase Agreement; Terminate Merger

April 6, 2015 8:58 PM

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New Residential Investment (NYSE: NRZ) and and Home Loan Servicing Solutions, Ltd. (Nasdaq: HLSS) announced today that they have entered into a purchase agreement (the “Asset Purchase Agreement”), under which New Residential acquired substantially all of the assets, and assumed substantially all of the liabilities of HLSS (the “Asset Purchase”). Simultaneously, New Residential and HLSS mutually terminated the merger agreement originally announced on February 22, 2015.

Under the Asset Purchase Agreement, New Residential paid HLSS an equity purchase price of approximately $1.2 billion, or $17.08 per HLSS share on 71 million HLSS shares. With adjustments for cash and the repayment of HLSS debt, New Residential paid HLSS a total purchase price of approximately $1.4 b...

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