Altisource Portfolio Solutions (ASPS) Supportive of Altisource Residential's (RESI) Portfolio Acquisition; Offers Limited Waiver
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Altisource Portfolio Solutions S.A. (Nasdaq: ASPS) commented on an Amendment and Waiver Agreement entered into with Altisource Residential Corporation (“RESI”) (NYSE: RESI) related to RESI’s acquisition of a portfolio of single family rental assets from investment funds sponsored by Amherst Holdings LLC.
“Today, RESI announced that it acquired a portfolio of single family rental assets. As RESI stated, RESI was required to retain the current property manager of the portfolio as a condition of obtaining seller financing. In support of RESI’s acquisition, Altisource agreed to provide a limited waiver of its exclusive right to provide property management and other services to RESI related to this portfolio. In exchange for the limited waiver, RESI agreed to provide Altisource, among other consideration, a $60 million payment in the event that RESI sells, liquidates or otherwise disposes of 50% or more of its single family rental portfolio managed by Altisource. The terms are more fully described in the Amendment and Waiver Agreement which we anticipate filing with the Securities and Exchange Commission on Form 8-K on Monday, October 3, 2016.
We are very supportive of RESI’s portfolio acquisition as it accelerates RESI’s transition to a 100% single family rental company. We believe this acquisition strengthens RESI’s position in the industry and positions them well for growth, which are positive for Altisource. We believe the terms we agreed to with RESI further underscore RESI’s long-term commitment to the rental home business and our strong ongoing relationship with RESI.”
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