Home Point Financial Corp.’s $211 million acquisition of Stonegate Mortgage Corp. is one step closer to being finalized after Stonegate’s shareholders “overwhelmingly approved” the deal during a special meeting.
The details of the shareholder approval come courtesy of Stonegate, which announced Thursday the company’s shareholders approved all proposals relating to the Home Point acquisition.
Specifically, Stonegate said that “holders of 99% of Stonegate Mortgage shares present and voting at the special meeting voted in favor of a proposal to adopt the merger agreement with Home Point Financial.”
Now, the deal, which was initially announced in January, moves forward. Stonegate said that the deal is still expected to close by the end of the second quarter of 2017.
Under the terms of the deal, Home Point Financial will acquire Stonegate Mortgage for $8.00 per share in cash.
When the deal was first announced, Willie Newman, the CEO of Home Point, said that the deal will increase the company’s footprint to include full national coverage across all channels of mortgage origination, as well as vertical integration across the mortgage value chain.
“We are very excited about the opportunity to work together with the Stonegate Mortgage team to accelerate the build out of Home Point Financial,” Newman said in January.