RTTNews | Mar 15, 2021 09:13AM EDT

09:13 Monday, March 15, 2021 (RTTNews.com) - 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."

Read the original article on RTTNews ( https://www.rttnews.com/3177473/cooper-group-to-sell-title365-to-blend-labs-quick-facts.aspx)

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