English | 简体中文 | 繁體中文 | 한국어 | 日本語
Friday, 16 October 2020, 03:00 HKT/SGT

Source: Woori BMO Group
Woori BMO Group Comments on Finance of America Set for IPO
Financial management company Woori BMO Group has recently commented on Finance of America as they consider an Initial Public Offering through an SPAC deal.

TORONTO, ONTARIO , Oct 16, 2020 - (ACN Newswire) - Woori BMO Group has today commented on Blackstone Group-backed consumer-leading platform Finance of America Equity Capital LLC as they get set to go public with a valuation of $1.9 billion through a publicly traded special purpose acquisition company (SPAC) merger, the popular way to list this year.

"Finance of America is merging with the special-purpose acquisition company Replay Acquisition Corp. This will give the company a valuation of $1.9 billion. The company will also receive $250 million in investment from institutional investors as part of the deal," commented Christian Harper, Director of EMEA Wealth Management at Woori BMO Group.

As a result of the transaction, the Pennsylvania-headquartered company's founder and CEO Bill Dallas and funds managed by Blackstone will be left with a 70% ownership stake.

This year, SPACs have emerged as a popular IPO substitute for some businesses, offering a route to going public with less regulatory oversight and more clarity about the valuation that will be reached and the funds that will be raised.

"So far in 2020, U.S. SPACs have raised $53.8 billion through IPOs, which is more than the total raised in the last seven years," commented Director of Institutional Equity at Woori BMO Group, Andrew Williams.

Finance of America has generated over $65 billion in loans through its collection of companies since 2017, according to researchers at Woori BMO Group. The company operates in four emerging markets including Commercial Real Estate, Mortgages, Reverse Mortgages and Fixed Income Investing. In recent years, Blackstone has evolved Finance of America through a series of acquisitions, including purchases of Gateway Funding, Pinnacle Capital Mortgage and Skyline Home Loans.

In the third quarter, Finance of America generated over $7.4 billion, the highest of any quarter on record for the end-to-end lending and services platform. Like other mortgage lenders, the Blackstone portfolio company has highly benefited from ultra-low interest rates and a huge demand for refinancing business.

About Woori BMO Group

Founded in 2007, Woori BMO Group is a full-service wealth management company providing both corporate institutions and private clients a tailored financial advisory service from its retail office in Toronto, Canada.

Media Contact
Company: Woori BMO Group
Contact: Mr. Shinsato Masao, Chief Economist
Telephone: +1-647-946-8880
Email: shinsato.masao@wbginternational.com
Address: 25F Exchange Tower, 130 King Street West, Toronto, ON, Canada M5X 1E3

Related Links
Woori BMO Group https://www.wbginternational.com/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/66036

Topic: Press release summary
Source: Woori BMO Group

Sectors: Daily Finance, Funds & Equities, Banking & Insurance, PE, VC & Alternatives
From the Asia Corporate News Network

Copyright © 2023 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.


Woori BMO Group Related News
Oct 9, 2020 21:00 HKT/SGT
Woori BMO Group Reports on Clover Health as They Go Public in $3.7 Billion SPAC Deal
More news >>
Copyright © 2023 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575