Macquarie takes Homeloans stake
Macquarie Group has taken a 19.84% stake in the listed mortgages company Homeloans Ltd.
It paid $20.1 million for the Homeloans stake in an off-market transfer last Friday, according to substantial notices lodged Tuesday.
The trade was done at 95¢ a share, or a 20¢ a share premium to Homeloans closing price. Homeloans shares were up 6¢ to 81¢ when trading resumed Tuesday.
Macquarie bought the stake off Challenger Group who ceased being a major shareholder.
It listed on the Australian Stock Exchange in 2001.
Homeloans specialises in home loans with a wide range of products to meet the needs of customers from first home buyers to investors.
Macquarie's move into Homeloans, which was founded in 1985, comes as Macquarie seeks to boost its mortgages business which includes equity in Yellow Brick Road. It took an 8.3% in Mark Bouris’s mortgage broker, Yellow Brick Road, last December.
Macquarie has been growing its residential home loan book sizably over recent times.
Homeloans was founded by Perth entrepreneurs, the current chairman Tim Holmes and director Rob Salmon, who each own a 12% stake.
They are reportedly reluctant to sell, according to the Australian Financial Review who speculate Macquarie was likely to launch a full takeover bid for Homeloans.
NAB’s mortgage aggregator, Advantage, owns a significant 17% stake in Homeloans, after it bought the holding from Challenger in 2009.