Sourcepoint, Inc to acquire The StoneHill Group, Inc

Sourcepoint, Inc., a step down subsidiary of Firstsource Solutions Limited, has executed a stock purchase agreement dated 9th November 2021 to acquire 100% stake in The StoneHill Group, Inc. ('TSG'), a leading US mortgage services provider focused on quality control and due diligence.

The acquisition will expand and strengthen Firstsource's US mortgage-based products and services. The cost of acquisition is USD 27 Million including earnouts payable on 1st anniversary from closing.

The US mortgage industry is a highly regulated industry. As such, TSG has obtained licenses of governmental authorities of various states in the United States to perform certain mortgage related services. TSG is required to seek regulatory consent of some of these state governmental authorities for a change of its control.

Shares of Firstsource Solutions Limited was last trading in BSE at Rs. 198.60 as compared to the previous close of Rs. 201.90. The total number of shares traded during the day was 106616 in over 1936 trades.

The stock hit an intraday high of Rs. 203.60 and intraday low of 198.15. The net turnover during the day was Rs. 21414639.00.

Source : Equity Bulls

Keywords

FirstsourceSolutionsLimited INE684F01012 FSL Sourcepoint TheStoneHillGroup Acquisition MortgageSerrvicesProvider