Walter Investment Management Corp. said Monday that it has agreed to buy GTCS Holdings LLC, the parent company of Green Tree Servicing, for just over $1 billion.
Processing Content
The buyer is putting up very little cash. Walter, a publicly traded real estate investment trust in Tampa, Fla., plans to issue 1.8 million shares of common stock to the seller, assume $20 million of Green Tree debt and float $765 million of new debt.
Green Tree services $37 billion of various types of mortgages and consumer loans. It used to be owned by the insurer Conseco Inc. but has belonged to private-equity firms in recent years.
