New Residential’s $190 Million Acquisition of Shellpoint Partners

Advising New Residential on the acquisition are Skadden, Arps, Slate, Meagher & Flom LLP, Bradley Arant Boult Cummings LLP and Hunton & Williams LLP as legal advisors. Advising Shellpoint on the transaction are Houlihan Lokey Capital, Inc. as financial advisor and Sheppard, Mullin, Richter & Hampton LLP, Dentons US LLP and Buckley Sandler LLP as legal advisors.

New Residential Investment Corp. (NYSE:NRZ; together with its subsidiaries, “New Residential” or the “Company”) announced today that it has entered into definitive agreements to acquire Shellpoint Partners LLC (“Shellpoint”), a vertically integrated mortgage platform with established origination and servicing capabilities, for approximately $190 million, subject to certain adjustments, plus potential additional consideration pursuant to a three-year earnout based on the performance of Shellpoint after closing.

Shellpoint is an approved Fannie Mae and Freddie Mac seller and servicer and a Ginnie Mae issuer, with servicer ratings from S&P, Moody’s and Fitch. With a servicing portfolio totaling approximately $50 billion(1) and annual origination volume of approximately $6.6 billion(2), Shellpoint is an experienced, customer-centric mortgage operator positioned for growth.

The transactions have been approved by the board of directors of each company.

Skadden advised with a team including Peter Serating (Picture), Joseph Coco and Blair Thetford.

Involved fees earner: Peter Serating – Skadden Arps Slate Meager & Flom; Joseph Coco – Skadden Arps Slate Meager & Flom; Blair Thetford – Skadden Arps Slate Meager & Flom;

Law Firms: Skadden Arps Slate Meager & Flom;

Clients: New Residential Investment Corp.;


Author: Ambrogio Visconti