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Ocwen to buy Homeward Residential from WL Ross for $750 mln
October 3, 2012 / 1:20 PM / 5 years ago

Ocwen to buy Homeward Residential from WL Ross for $750 mln

Oct 3 (Reuters) - Loan servicer Ocwen Financial Corp will buy Homeward Residential Holdings Inc from private equity firm WL Ross & Co LLC in a deal valued at about $750 million.

Ocwen will pay $588 million in cash and offer $162 million convertible stock to buy the company, which services 422,000 mortgage loans, it said in a statement.

The deal is expected to immediately add to Ocwen’s earnings.

Ocwen shares were up 3 percent in trading before the bell. They closed at $28.96 on Tuesday on the New York Stock Exchange.

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