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JusticeWillWin

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JusticeWillWin

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Friday, 05/14/2021 11:13:11 AM

Friday, May 14, 2021 11:13:11 AM

Post# of 735108
The $500 million sale of Title365 will close in Q2 and add ~$400 million in CASH to COOP's balance sheet in Q2

https://www.businesswire.com/news/home/20210315005425/en/Mr.-Cooper-Group-Announces-Sale-of-Title365-for-500-Million

The sale is expected to close in the second quarter of 2021, subject to customary conditions including regulatory approval. As part of the transaction, Title365 will retain all cash generated between today and closing for the benefit of the acquirer and as such is not expected to contribute to Mr. Cooper Group's earnings in the second quarter. Mr. Cooper Group expects to record an after-tax gain of approximately $350 million and receive cash proceeds net of transaction costs and cash taxes of approximately $400 million upon closing.
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