Finance of America Companies Inc. (FOA): M&A transaction — Finance of America closes AAG asset acquisition, raises $30M equity, promotes Fleming to CEO
Finance of America Companies Inc.
Acquired AAG assets for $5.5M cash plus $4.5M promissory note; adds direct-to-consumer channel reaching 10M consumers annually.
Issued 10.87M Class A shares each to Blackstone and BL Investor for $15M apiece ($30M total) to fund deal and corporate purposes.
Graham A. Fleming appointed CEO effective April 5, 2023; Kristen Sieffert promoted to President with salary raised to $650K and target bonus to $1.2M.
Transaction expected to be immediately accretive to tangible book value and earnings; FOA now one of the largest reverse mortgage lenders in the U.S.
appointed Graham A. Fleming, current President and interim Chief Executive Officer (CEO) of the Company, as Chief Executive Officer (principal executive officer), effective as of April 5, 2023.
appointed Kristen Sieffert to serve as President of the Company.
Key facts
Extracted from this filing and checked against the source text.
Executive changeSEC 8-K Item 5.02confidence 0.95
Graham A. Fleming was appointed as Chief Executive Officer at Finance of America Companies Inc..
Action
appointed
Role
Chief Executive Officer
Exact text from the filing
appointed Graham A. Fleming, current President and interim Chief Executive Officer (CEO) of the Company, as Chief Executive Officer (principal executive officer), effective as of April 5, 2023.
Finance of America Companies Inc. completed an acquisition involving American Advisors Group for $5.5 million in cash (closed 2023-03-31).
Action
acquisition
Counterparty
American Advisors Group
Consideration
$5.5 million in cash
Closing
2023-03-31
Exact text from the filing
parties to the AAG Transaction agreed, among other things, that (a) the amount of cash consideration payable by FAR to AAG under the Asset Purchase Agreement would be reduced to $5.5 million (from $10 million in the Original Asset Purchase Agreement) and in connection with such reduction, FAR would issue to AAG a promissory note with an aggregate principal amount of
Material AgreementsSEC 8-K Item 1.01/1.02confidence 0.9
Finance of America Companies Inc. entered into Equity Matters Agreement with AAG valued at AAG joined and became a party to FOAEC LLC agreement, Exchange Agreement, and Registration Rights Ag (effective 2023-03-31).
Action
entry
Counterparty
AAG
Value
AAG joined and became a party to FOAEC LLC agreement, Exchange Agreement, and Registration Rights Ag
Effective
2023-03-31
Exact text from the filing
on the Closing Date, in connection with the consummation of the AAG Transaction, the Company and FOAEC entered into an Equity Matters Agreement (the “ Equity Matters Agreement ”) with AAG
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