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Mortgage Connect has successfully acquired ADFITECH in an all-cash transaction valued at approximately $29 million. ADFITECH's stockholders will receive $3.717451 per share in cash. This acquisition positions Mortgage Connect to enhance its mortgage service offerings, leveraging ADFITECH's expertise in outsourced mortgage quality control and fulfillment. The deal underscores Mortgage Connect's commitment to high-quality customer service and aims to capitalize on synergies within the mortgage services sector.
ADFITECH, Inc. (OTC: ADFT) has entered into a definitive merger agreement with Mortgage Connect, LP, for approximately $29 million in cash, resulting in a per share price of $3.6343, representing an 81.72% premium over ADFITECH's closing price on March 9, 2022. The merger was approved by 63.16% of ADFITECH's shareholders and is set to close in about 21 days pending customary conditions. This merger aims to create a stronger mortgage service provider, leveraging technology and enhancing customer service across the industry.
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