Thursday, June 7, 2012 sells home loans unit, will repurchase shares

Charlotte-based has now returned to its original business model, announcing Thursday that the months-delayed sale of its home loan origination unit to Discover Financial has closed.

The parent company of lead generation sites like LendingTree will now use its improved cash position to repurchase up to $4.3 million in shares, the company said.

Under the terms of the deal renegotiated in FebruaryDiscover paid $42.9 million at closing and will pay $10 million on the first anniversary. Discover paid $3 million on March 7.

"We're very excited to complete this transaction and our transition to a focused performance marketing company," CEO Doug Lebda said in a statement. " will now be able to focus solely on our core lead generation business powered by our world-class marketing team."

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devis said...
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