PHH sold to Ocwen Financial Corporation for $360 million
Clients PHH Corporation
Jones Day advised PHH Corporation, one of the largest subservicers of residential mortgages in the United States, in its acquisition by Ocwen Financial Corporation in an all cash transaction valued at $360 million, or $11.00 per fully-diluted share. As part of the transaction, Ocwen assumed $119 million of PHH’s outstanding unsecured debt. The sale is the final step in a strategic review process undertaken by PHH’s board of directors commencing in early 2016 and which has involved several prior transactions.