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Mergers & Acquisitions
M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: City Holding Company
Actual Acquirer: City Mortgage Services
Target: Mortgage servicing rights
Deal Type: Specialty Finance Portfolio
Seller: Mego Mortgage Corp.
Agreement Date6/9/1998
Announcement Date6/9/1998
Announced Deal Value ($M)7.00
Completion Date6/29/1998
Consideration Breakout
Cash ($M)7.0
Deal Pricing Ratios
Price / Book (%)NANA
Price / Managed Receivables (%)1.311.31
Deal Terms
Description of Consideration
City Mortgage Services acquired the right to service securitized pools of mortgage loans with a principal balance of $535.8M currently serviced by Mego Mortgage Corp. The servicing was purchased for approximately $7.0M.
Percent Acquired (%)NA
Purchase MethodPurchase
Merger of Equals?NA
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA

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