Two Harbors Receives Regulatory Approvals for CrossCountry Deal
Two Harbors Investment (TWO) has received regulatory approvals from all but one state for its $12-per-share cash acquisition by CrossCountry Mortgage. The company announced that the CCM Merger is expected to close on the business day following receipt of final approval. The deal, which was initially agreed upon in May 2023, represents a significant step forward as Two Harbors moves closer to completing its sale after securing most necessary regulatory clearances. The merger price implies an enterprise value of approximately $1 billion for the mortgage real estate investment trust (REIT). The transaction is seen as beneficial due to CrossCountry's strong balance sheet and strategic alignment with Two Harbors' business model, potentially enhancing operational efficiencies.
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