|
Target Information |
| Target: |
Intuit Loans
Mortgage Unit |
| City: |
Mountain View |
State: CA |
| Type of Company: |
Internet
Mortgage Firm |
| Financial Data As Of: |
|
Revenue: $180
million |
Operating Income (7/31/02):
$65 million |
| Target’s Business: |
Intuit bought
Quicken Loans in December 1999, accounting for it as a pooling of
interests. When the sale of Intuit’s Quicken Loans closes, the unit will
become a wholly owned unit of a newly created company and continue to
offer residential home mortgages and home equity loans under the Quicken
brand. Intuit will hold 12.5% of the equity and will receive cash, a
note and multiyear licensing fees. |
|
Acquirer Information |
| Acquirer Name: |
Investor Group
led by Dan Gilbert, Chairman of Quicken Loans Mortgage Unit |
| City: |
Mountain View |
State: CA
|
| Type of Company: |
Internet
Mortgage Firm |
| Financial Data As Of: |
|
Revenues: $180
million |
Operating Income (7/31/02):
$65 million |
| Acquirer’s Business |
Residential home
mortgages and home equity loans under the Quicken brand. |
|
Transaction Information |
| Status: |
Pending |
| Announcement
Date: |
6/20/2002 |
Accounting:
Purchase |
| Completion Date: |
9/20/2002 |
Consideration:
Cash, equity and licensing fees |
| Deal Value: |
N/A |
| Price/Earnings |
N/A |
| Price/Est.
Earnings |
N/A |
| Price/Book Value |
N/A |
| Comments: |
Bill Emerson,
chief executive of Quicken Loans and a former Intuit executive, will
serve as chief executive of the new company. Patrick McInnis, president
of Quicken Loans, will serve as president of the new company. |
