Finance Of America To Acquire Assets Of American Advisors Group - Quick Facts

(RTTNews) - Finance of America Companies Inc. (FOA) said it will acquire assets of American Advisors Group, a direct-to-consumer reverse mortgage lender, in exchange for a combination of cash and equity. Upon completion, which is expected to be accretive to both tangible book value and earnings per share, FOA's subsidiary, Finance of America Reverse LLC, will operate a separate direct-to-consumer retail channel under the brand name AAG.

Existing stockholders of Finance of America, including entities affiliated with Brian Libman, chairman and founder, have committed to invest an additional $30 million of capital into Finance of America through a private placement of FOA's common stock.