Indianapolis-based Stonegate Mortgage (NYSE: SGM) will soon have a new owner. Michigan-based Home Point Financial Corp. has announced plans to acquire Stonegate in a $211 million cash transaction, which is expected to close in the second quarter.
The Stonegate Board of Directors unanimously approved the acquisition, which remains subject to regulatory and stockholder approvals. Per the terms of the deal, Stonegate’s stockholders will receive $8 per share.
"The combination of Stonegate Mortgage and Home Point Financial creates an exciting opportunity for our company, our associates and our customers," said Stonegate Chief Executive Officer Jim Smith. "We look forward to joining forces with the Home Point Financial team and building a best in class mortgage origination and servicing platform focused on delivering value to our customers."
It is not known if any jobs would be affected by the deal.k Stonegate made its initial public offering on the New York Stock Exchange in 2013.