WMIH Corp.’s planned acquisition of a majority stake in mortgage servicer Nationstar Mortgage Holdings Inc. (aka “Mr. Cooper”) can move forward now that stockholders have approved the previously announced merger.
On Friday, 80% of WMIH’s stockholders and 93% of Nationstar’s stockholders voted to approve the deal, which was announced in February.
The deal is still subject to regulatory approval. If it goes through, Nationstar will become a wholly-owned subsidiary of WMIH.
“We thank WMIH stockholders for approving the proposal to facilitate the merger with Nationstar Mortgage Holdings,” says William Gallagher, CEO of WMIH Corp., in a release. “We look forward to closing the transaction and expect it will be value enhancing for WMIH stockholders.”
“We are pleased with today’s vote and the support Nationstar’s stockholders have shown as we move toward completing our merger with WMIH Corp.,” adds Jay Bray, chairman and CEO of Nationstar. “We expect this merger to create value for Nationstar’s stockholders in both the near and long-term as we continue to seek to accelerate growth by leveraging our best-in-class integrated servicing and originations platform and further enhancing the customer experience through innovation and service.”
WMIH Corp.’s operations consist primarily of WM Mortgage Reinsurance Co. Inc., a wholly owned subsidiary of the company that is domiciled in Hawaii. Its primary business is a legacy reinsurance business that is currently operated in runoff mode by WMMRC.
Nationstar is one of the largest mortgage servicers in the country.
