Key Developments: Altisource Portfolio Solutions SA (ASPS.O)
10 Mar 2014
Latest Key Developments (Source: Significant Developments)
Altisource Portfolio Solutions S.A. announced that its subsidiary has entered into a definitive agreement to acquire Equator, LLC (Equator), a provider of mortgage and real estate related SaaS solutions. The acquisition is valued at a base price of $70 million on closing with contingent earn out consideration of up to an additional $80 million over three years, subject to Equator achieving annual performance targets. The acquisition is expected to close within 30 days and is subject to customary closing conditions. Full Article
Altisource Portfolio Solutions SA Announces Completion Of Spin-Off Of Altisource Residential Corporation And Altisource Asset Management Corporation
Altisource Portfolio Solutions SA announced the consummation of its previously announced spin-offs of Altisource Residential Corporation (Residential) and Altisource Asset Management Corporation (AAMC). The spin-offs and the distribution to Altisource's shareholders of Residential Class B common stock (Residential Shares) and AAMC common stock (AAMC Shares) complete the separation of Residential and AAMC from Altisource and their transition to independent public companies. The spin-offs were completed at the close of business on December 21, 2012, and the Residential Shares and AAMC Shares were electronically distributed to Altisource shareholders as of the record date, December 17, 2012, in the ratio of one Residential Share for every three Altisource shares and one AAMC Share for every 10 Altisource shares. The Residential Shares will trade on the NYSE under the symbol RESI commencing December 24, 2012. The AAMC Shares will continue to trade on the OTCQX under the symbol AAMCV and are anticipated to begin trading under the symbol AAMC commencing December 26, 2012. Altisource common stock continues to trade on the NASDAQ Global Select Market under the ticker symbol ASPS. Full Article
- New York's banking regulator said on Wednesday that executives at Ocwen Financial Corp, a company that collects home loan payments, have ties to related mortgage companies that may give them an incentive to push borrowers into foreclosure.