Ocwen and PHH have been working diligently to close the pending transaction. The companies have now received all regulatory, governmental entity and contractual approvals and consents in order to be in a position to close. The approval from the New York Department of Financial Services is subject to certain conditions, as further described in Ocwen’s Form 8-K filed today, available at http://shareholders.ocwen.com/financial-information/sec-filings. The parties intend to close the transaction within the next 10 days.
Ocwen originally announced the acquisition plan in February 2018. As part of the announcement, Ron Faris, then President and CEO of Ocwen, said, “We are very pleased to announce the proposed acquisition of PHH, a leading non-bank servicer. PHH is a high-quality servicer with complementary capabilities and business lines to Ocwen, making it a great strategic match for us. In addition to providing significant scale benefits, this transaction gives us the opportunity to migrate to their existing BlackKnight LoanSphere MSP servicing platform more quickly and with less risk than had we just implemented the system ourselves. We are also excited by the opportunity to welcome the PHH employees to the Ocwen family and by the opportunity to bring our industry-leading and innovative loss mitigation capabilities to existing PHH servicing customers currently struggling with their mortgage payments.”
Faris retired on June 30, 2018. As previously announced by Ocwen, concurrent with the closing of the PHH merger, Glen Messina will become President and Chief Executive Officer of Ocwen.
“We are pleased to have reached an agreement with Ocwen, and we look forward to working with them to bring this transaction to a successful close," said Robert B. Crowl, President and CEO of PHH. "We are excited by the opportunity to build a stronger combined company for our servicing and subservicing clients, our borrowers, and our employees.”
Under the terms of the merger agreement, Ocwen will acquire all outstanding shares of common stock of PHH for approximately $360 million in cash or $11 per diluted common share.