Radian Completes Acquisition of Clayton Holdings
01 Juillet 2014 - 2:00PM
Business Wire
Radian Group Inc. (NYSE: RDN) announced today it has completed
the acquisition of Clayton Holdings LLC. As previously disclosed,
Radian Group paid aggregate cash consideration of $305 million,
subject to customary purchase price adjustments, to purchase all of
the outstanding equity interests in Clayton and to repay Clayton's
outstanding debt.
“Today we welcome Clayton Holdings to our family. The mortgage
solutions and capabilities they bring will help diversify our
revenue stream and expand our core competencies, positioning Radian
for new opportunities as the U.S. housing market evolves,” said
Radian’s Chief Executive Officer S.A. Ibrahim. “The Clayton
acquisition builds on Radian's strong heritage and experience in
delivering innovative products and solutions that allow our
customers to achieve their goals.”
Clayton has built its success providing outsourced mortgage
solutions and is widely recognized as a leader in its industry. The
acquisition will complement Radian’s existing mortgage-related
products and services. This transaction is consistent with Radian’s
growth and diversification strategy to pursue alternatives for
providing mortgage risk-related products and services to the
mortgage finance market.
"In addition to joining a market leader in the mortgage
insurance industry that has a clear vision of the evolving needs of
the U.S. housing market, we now have the opportunity to bring our
mortgage solutions to Radian’s established and growing customer
base,” said Clayton’s Chief Executive Officer Paul T. Bossidy.
Headquartered in Shelton, Connecticut, Clayton employs
approximately 700 people. Clayton Chief Executive Officer Paul
Bossidy, President and Chief Operating Officer Joseph D’Urso and
the Clayton management team have built a strong, market-leading
franchise in each of the mortgage services areas where they
participate. As part of Radian, they will focus on serving their
clients and growing their business, as well as exploring additional
opportunities to offer new and existing services to Radian’s
established customer base.
ABOUT RADIAN
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia,
provides private mortgage insurance and related risk mitigation
products and services to mortgage lenders nationwide through its
principal operating subsidiary, Radian Guaranty Inc. These services
help promote and preserve homeownership opportunities for
homebuyers, while protecting lenders from default-related losses on
residential first mortgages and facilitating the sale of
low-downpayment mortgages in the secondary market. Additional
information may be found at www.radian.biz.
FORWARD-LOOKING STATEMENTS
Some of the statements in this press release may constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities and
Exchange Act of 1934 and the United States Private Securities
Litigation Reform Act of 1995. Words such as "will," "expects,"
"believes" and similar expressions are used to identify these
forward-looking statements. These forward-looking statements, which
may include without limitation, projections regarding our future
performance and financial condition, are made on the basis of
management’s current views and assumptions with respect to future
events. Any forward-looking statement is not a guarantee of future
performance and actual results could differ materially from those
contained in the forward-looking statement. These statements speak
only as of the date they were made, and we undertake no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. We operate
in a changing environment. New risks emerge from time to time and
it is not possible for us to predict all risks that may affect us.
For more information regarding these risks and uncertainties as
well as certain additional risks that we face, you should refer to
the Risk Factors detailed in Item 1A of Part I of our Annual Report
on Form 10-K for the year ended December 31, 2013, Item 1A of Part
II of our Quarterly Report on Form 10-Q filed in 2014, and
subsequent reports and registration statements filed from time to
time with the Securities and Exchange Commission.
Radian Group Inc.Emily Riley,
215-231-1035emily.riley@radian.biz
Radian (NYSE:RDN)
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