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Tuesday, November 24, 2009

Warren Buffett group in $468M deal for Horsham's Capmark

A joint venture of Warren Buffett's Berkshire Hathaway Corp. and New York-based Leucadia Corp. has agreed to purchase Horsham-based Capmark's loan servicing business for $468 million, up from an earlier "stalking horse" bid of around $400 million, Reuters reports here.

The deal was welcomed by Capmark workers who believe "Berkadia" is more likely to keep them employed than other potential bidders, such as PNC, which has its own commercial mortgage loan-servicing unit.

Capmark is one of the largest servicers of office and apartment complex loans. The company, once part of General Motors' financial arm, faced mounting losses incurred under current owner KKR, and filed for bankruptcy protection in Wilmington earlier this year.
Posted by Joseph N. DiStefano @ 3:25 PM  Permalink | 1 comment
Comments   
  • 0 like this / 0 don't   •   Posted 4:52 PM, 11/24/2009
    We will be seeing a lot of Warren Buffett as this mess gets cleaned up. This is his kind of market.
    — TGRE


1 comments
About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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