(Updates with details and background)
Oct 3 (Reuters) - Australia's Computershare (CPU) said on Tuesday it has agreed to sell its U.S. mortgage services business to asset manager Rithm Capital RITM.N for estimated $720 million, as the share registry firm aims to focus on its core businesses.
The deal includes the sale of Specialised Loan Servicing (SLS), a mortgage subservicer in the U.S., and would add a mortgage servicing rights portfolio of about $136 billion in unpaid principal balance to Rithm.
The divestment of the U.S. mortgage services allows the company to focus on its core businesses, which have "high levels of recurring revenues, long-term growth runways, low capital intensity and attractive returns through the cycle", said Computershare CEO and President Stuart Irving.
The deal is expected to aid Computershare's earnings per share in the first year after the completion of the divestment, which is expected in the fourth quarter of fiscal 2024.
After the close of the transaction, SLS's portfolio and operations would be transitioned to and managed by Newrez, a Rithm portfolio company.
(Updates with details and background) Oct 3 (Reuters) -...
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