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IBM's Divestiture of its Mortgage Servicing Business to Mr. Cooper Group

On January 3, 2019, IBM and Mr. Cooper Group Inc. announced the signing of definitive agreements for Mr. Cooper Group to acquire IBM’s Seterus mortgage servicing platform and assume certain assets related thereto. In connection with the acquisition, Mr. Cooper Group will also acquire mortgage servicing rights underlying $24 billion in GSE mortgages and enter into a subservicing contract for an additional $24 billion in mortgages. Cravath is representing IBM in connection with the transaction.

The Cravath team is led by partners George F. Schoen and Keith Hallam and includes associates Saarah Woodby, Joshua Ayal, Quinn Wetherall and Eli D. Heller on M&A matters; partner Jennifer S. Conway and associates Aaron J. Feuer and Sally Ye on executive compensation and benefits matters; partner Andrew W. Needham and associates Cecily Xi and Rory M. Minnis on tax matters; and senior attorney Joyce Law and practice area attorney Laurel R. Berkowitz on real estate matters.