Ocwen Financial Corporation Announces Agreement to Acquire PHH CorporationFebruary 27, 2018
S&C client Ocwen Financial Corporation announced it had entered into a definitive agreement to acquire PHH Corporation, one of the largest subservicers of residential mortgages in the United States, for $11.00 per share in an all-cash transaction valued at approximately $360 million. The transaction, which is expected to be completed in the second half of 2018, is subject to approval by PHH stockholders, obtaining all required regulatory approvals and the satisfaction of other customary closing conditions.
Ocwen is a financial services holding company which, through its subsidiaries, originates and services mortgage loans. On a combined basis, as of December 31, 2017, the company would service 1.9 million loans with an unpaid principal balance of $328 billion and originate more than $3 billion of residential mortgage loans annually.
The S&C team representing Ocwen includes Rodgin Cohen, Jared Fishman, Rufat Yunayev and Hilary Albrecht, with Rebecca Coccaro, Sarah Remmer Long and Charlene Kim advising on executive compensation and benefits matters; Ronald Creamer and Tessa Lee advising on tax matters; John Estes and Daniel Loeser advising on financing matters; Justin Orr advising on intellectual property matters; Joseph Matelis and Eric Queen advising on antitrust matters; and Stephen Meyer advising on regulatory and litigation matters.