(RTTNews) - United Wholesale Mortgage, and Gores Holdings IV, Inc. (GHIV, GHIVU, GHIVW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, have entered into a definitive agreement with respect to a business combination. The combined company will operate under the UWM name and the class A common stock will be listed on NASDAQ under the ticker, UWMC. The transaction values United Wholesale Mortgage at approximately $16.1 billion.
Additional investors have committed to participate in the proposed business combination via a $500 million private placement, led by Alec Gores, CEO of The Gores Group, and including large institutional investors. Upon completion of the deal, including the private placement, the current owners of United Wholesale Mortgage will retain approximately 94% ownership of the combined company. The existing management team will continue to lead the business. The name of Gores Holdings IV will be changed to UWM Corporation.
United Wholesale Mortgage is the largest wholesale mortgage originator in the United States with nearly 7,000 dedicated team members.
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