Cooper Group To Sell Title365 To Blend Labs - Quick Facts

(RTTNews) - Mr. Cooper Group Inc. (COOP) has agreed to sell its title business, which operates under the brand name Title365, to Blend Labs, Inc. for $500 million, consisting of $450 million in cash and a retained interest of 9.9%. 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.

Jay Bray, CEO of Mr. Cooper Group, said: "This decision follows a comprehensive strategic review in which we determined that Title365 would gain greater investor credit as part of a company like Blend, where it will have a significant strategic impact. This decision allows Mr. Cooper Group to focus on the growth and profitability potential within our core business of servicing and originations."