Stewart Announces Acquisition

​SISCO Holdings, LLC, a Delaware company wholly owned by Stewart Information Services Corporation (NYSE:STC) announced its entry into an agreement to acquire the mortgage services of Mortgage Contracting Services (MCS), a property preservation services provider. 

As part of the agreement, Stewart will acquire all the operations and technology supporting mortgage servicers and lenders in their property preservation efforts.

“We are pleased to announce our intent to acquire MCS and look forward to being able to offer property preservation, which supports default servicing, as a new service for our lender and servicer customers,” said Fred Eppinger, Stewart CEO. “This acquisition confirms our dedication to bettering our lender services and allows us to introduce our products and services to a broader audience of customers. MCS is a well-respected leader in the industry, and our shared vision of excellence makes MCS a perfect addition to our Real Estate Solutions business.”
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The transaction is expected to close before the end of year and is subject to customary closing conditions and the expiration or termination of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976.  The purchase price is $330 million and will be funded with available company resources. The company expects that the transaction will be immediately accretive. The newly acquired division of MCS will continue operating as a standalone company.