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Mortgage Connect LP, a national mortgage service provider, said today it has successfully completed its previously announced acquisition of Adfitech Inc.
The all-cash merger transaction is valued at approximately $29 million, the company said. As a result of the transaction, holders of Adfitech's common stock are entitled to receive $3.717451 per share in cash, with the aggregate amount rounded to the nearest whole cent. Adfitech is a provider of mortgage services in North America.
Upon closing of the merger, Adfitech will become a subsidiary of Mortgage Connect and cease being traded on the OTC Market: Pink Market, company officials said.
"We are pleased to join forces with Mortgage Connect, an organization with a solid reputation for customer service within the mortgage services industry,” Adfitech CEO Tom Apel said. “We appreciate the support of our valued customers and the talented Adfitech employees and management as we continue to work together to provide the highest quality outsourced mortgage quality control, due diligence and mortgage fulfillment services in the future."
The Coury Firm served as exclusive financial advisor to Mortgage Connect, while SmithAmundsen LLC served as legal advisor. Cowen served as financial advisor and McAfee & Taft served as legal advisor to Adfitech.
Based in Pittsburgh, Mortgage Connect is a national mortgage service provider, serving the origination, default, valuation, critical communications, and capital markets sectors. With additional offices in Alabama, California, Colorado, Nevada, New York, and Texas, the company lenders and servicers.
Adfitech, founded in 1982 and based in Edmond, Okla., provides outsourced mortgage quality control, due diligence and mortgage fulfillment services.