Walter Investment Management Corp. completed its acquisition of GTCS Holdings LLC (“Green Tree”) on July 1, 2011 in a transaction valued at $1.065 billion. Walter Investment issued approximately 1.8 million shares of common stock to the seller, assumed approximately $20 million of existing Green Tree debt, issued $810 million of new debt and utilized cash on hand to effect the acquisition. Green Tree, based in St. Paul, Minnesota, is a leading independent, fee-based business services company which provides high-touch, third-party servicing of credit-sensitive consumer loans.
Walter Investment Management Corp. is an asset manager, mortgage servicer and mortgage portfolio owner specializing in less-than-prime, non-conforming and other credit-challenged mortgage assets. Based in Tampa, Fla., the Company currently has $1.8 billion of assets under management and annual revenues of approximately $180 million.
The Simpson Thacher team includes: Peter Gordon, Jeremy Saks and Adam Glenn (M&A); David Eisenberg, Vanessa Bressler, Ursula Mackey and John Wang (Credit); Aimee Broder (Tax); Alvin Brown and Craig Katerberg (Executive Compensation and Employee Benefits); Sarah Cogan and Benjamin Wells (Investment Company Act), Francis Marinelli (PCAP); Mindy Lok and Marcela Robledo (IP); Kenneth Ehrhard (HSR) and Steven DeLott (Insurance Regulatory).