UWMC to acquire Two Harbors (TWO) in $1.3B all-stock deal, 21% premium

UWM Holdings Corp

UWMC to acquire all TWO common stock at 2.3328 UWMC shares per TWO share, implying $11.94/share value.
Transaction values TWO at $1.3B equity; represents 21% premium to TWO's 30-day VWAP.
Combined company to service >$400B UPB (MSR), ranking #8 nationwide; $150M annual synergies expected.
UWMC public float to increase 93% to ~513M shares (~$2.6B); current shareholders to own 87% pro forma.
Close expected Q2 2026 subject to TWO stockholder and regulatory approvals.

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