KKR Successfully Exits Mr. Cooper as Mr. Cooper Completes Share Repurchase
08.11.21
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The Firm represented Kohlberg Kravis Roberts & Co. L.P. (“KKR”) in connection with the repurchase by Mr. Cooper Group Inc. (NASDAQ: COOP) (“Mr. Cooper”) of 11,073,245 shares of common stock, par value $0.01, of Mr. Cooper and 1,000,000 shares of Series A Convertible Preferred Stock, par value $0.00001, of Mr. Cooper by certain selling stockholders affiliated with KKR. The shares, which represented all of KKR’s remaining equity interest in Mr. Cooper, were repurchased by Mr. Cooper pursuant to a Stock Purchase Agreement for total consideration of approximately $396 million or $33.25 per share, on an as converted basis.
Mr. Cooper provides servicing, origination and transaction-based services related principally to single-family residences throughout the United States with operations under its primary brands: Mr. Cooper and Xome. Mr. Cooper is one of the largest home loan servicers in the country focused on delivering a variety of servicing and lending products, services and technologies. Xome provides technology and data enhanced solutions to homebuyers, home sellers, real estate agents and mortgage companies.
The Simpson Thacher team included Richard Fenyes and Anna Jarman (Capital Markets); Marcy Geller and Sophie Staples (Tax); and Jennifer Nadborny (Public Company Advisory Practice).