Wachovia Agrees to Buy AmNet Mortgage
Wachovia Corp. agreed Tuesday to buy San Diego-based AmNet Mortgage Inc. for $83 million in cash, adding a residential mortgage banker with more than 7,000 brokers.
Wachovia will pay $10.30 a share for AmNet, the companies said. That amounts to a 5.4% premium over AmNet’s closing share price of $9.77 on Monday. AmNet shares rose 43 cents Tuesday to $10.20, and Wachovia shares fell 57 cents to $49.
AmNet funded $9 billion in residential mortgage loans last year and is expected to loan an additional $12 billion to $13 billion this year, the companies said. AmNet will operate as a wholly owned subsidiary of Charlotte, N.C.-based Wachovia after the transaction is completed, expected to take place by year-end.
Wachovia on Monday agreed to buy Irvine-based Westcorp and its WFS Financial Inc., an auto-loan company.
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