Skipton Building Society has sold its mortgage servicing arm Homeloan Management Limited for an initial sum of £47.5m.
The deal will see HML, which Skipton set up 26 years ago, sold to Australian listed firm Computershare, subject to regulatory approval.
Computershare is a global business based in 18 countries, and offers share registration, employee equity plans and stakeholder communications as part of a range of business services.
It is also an established player in the US mortgage servicing market, having acquired Specialized Loan Servicing in 2011.
Skipton will receive an initial sum of £47.5m for HML, plus an adjustment for surplus working capital. The deal also includes the possibility of further payments based on revenues in 2015 and 2016.
The initial sum will generate a £26m profit for Skipton, which will be recognised in the building society’s results in the second half of the year.
HML’s head office will remain in Skipton and continue to be led by HML chief executive Andrew Jones.
Skipton Group chief executive David Cutter says: “HML has been a major success story for Skipton of which we are very proud. However, we anticipate major growth opportunities arising in the mortgage outsourcing market which are best seized by the investment from a large multinational company. We believe Computershare will be an ideal new owner for HML and I wish all staff at HML the very best for the future.”
HML chief executive Andrew Jones says: “I am delighted HML and Computershare will be working together, and Computershare becoming our parent company is excellent news for the business and those who work at HML.
“Computershare is committed to investing in and growing HML. HML has had 25 years of successfully delivering value to clients, customers, our people and Skipton Building Society, and this deal will secure the future of the company for many more years to come.”