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Private equity group buys IndyMac assets
Source: Agencies |
January 4, 2009, Sunday
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Print Edition
Print Edition
THE assets of failed US mortgage lender IndyMac are being bought by a group of private equity and hedge fund firms. The group includes Dune Capital Management and J.C. Flowers & Co, which are putting up US$1.3 billion in cash.
The Federal Deposit Insurance Corp, which has run IndyMac since its failure on July 11, valued the sale to the IMB HoldCo consortium at US$13.9 billion.
Neither the investors nor the agency would provide immediate details on financing the rest of the deal, which the FDIC expects to close by early February.
The Federal Deposit Insurance Corp, which has run IndyMac since its failure on July 11, valued the sale to the IMB HoldCo consortium at US$13.9 billion.
Neither the investors nor the agency would provide immediate details on financing the rest of the deal, which the FDIC expects to close by early February.
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