United Wholesale Mortgage Parent to Buy Two Harbors Investment in $1.3B Deal

Dow Jones12-17 22:11

By Nicholas G. Miller

UWM Holdings, the parent company of the country's largest mortgage lender, United Wholesale Mortgage, agreed to acquire St. Louis Park, Minn., mortgage servicer Two Harbors Investment in an all-stock deal worth $1.3 billion.

UWM, based in Pontiac, Mich., said on Wednesday that the deal would help it bring its mortgage servicing in-house and would combine Two Harbors's capital-markets expertise with UWM's scale to create efficiencies around financing, hedging and secondary markets.

The combined company would service over $400 billion in mortgage-service rights, placing it eighth in the U.S.

"Scale has become more important than ever in the mortgage industry," said Two Harbors Chief Executive Bill Greenberg.

Two Harbors stockholders would receive 2.3328 shares of UWM for every Two Harbors share under the terms of the deal, representing a 21% premium over the volume-weighted average price of Two Harbors stock for the 30 days ending Dec. 16. UWM shareholders would own 87% of the combined company, with Two Harbors shareholders owning the rest.

The transaction is expected to close in the second quarter of 2026.

Two Harbors shares rose 8.7% to $10.77 in premarket trading. UWM shares lost 7% to $4.76.

Write to Nicholas G. Miller at nicholas.miller@wsj.com.

(END) Dow Jones Newswires

December 17, 2025 09:11 ET (14:11 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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Miller \n\n\n \n\n\n  UWM Holdings, the parent company of the country's largest mortgage lender, United Wholesale Mortgage, agreed to acquire St. Louis Park, Minn., mortgage servicer Two Harbors Investment in an all-stock deal worth $1.3 billion. \n\n\n  UWM, based in Pontiac, Mich., said on Wednesday that the deal would help it bring its mortgage servicing in-house and would combine Two Harbors's capital-markets expertise with UWM's scale to create efficiencies around financing, hedging and secondary markets. \n\n\n  The combined company would service over $400 billion in mortgage-service rights, placing it eighth in the U.S. \n\n\n  \"Scale has become more important than ever in the mortgage industry,\" said Two Harbors Chief Executive Bill Greenberg. \n\n\n  Two Harbors stockholders would receive 2.3328 shares of UWM for every Two Harbors share under the terms of the deal, representing a 21% premium over the volume-weighted average price of Two Harbors stock for the 30 days ending Dec. 16. 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