Tree.com Receives Final Payment from Discover for Home Loan Center, Inc. Transaction
CHARLOTTE, N.C., June 20, 2013 /PRNewswire/ -- Tree.com, Inc. (NASDAQ: TREE) announced today that a subsidiary of Discover Financial Services (DFS) has paid the final $10 million of the purchase price from the sale of substantially all of the operating assets of the Home Loan Center, Inc. business. The total purchase price was $55.9 million. The transaction closed on June 6, 2012.
"We're excited to fully complete this transaction which also signifies our full transition to a focused performance marketing company," said Doug Lebda, chairman and CEO of Tree.com. "The additional cash received improves our already favorable cash position."
About Tree.com, Inc.
Tree.com (TREEV) , Inc. (NASDAQ: TREE) is the parent of several brands and businesses that provide information, tools, advice, products and services for critical transactions in consumers' lives. Our family of brands includes: LendingTree®, GetSmart®, DegreeTree®, LendingTreeAutos, DoneRight!®, ServiceTreeSM, InsuranceTree® and HealthTree. Together, these brands serve as an ally for consumers who are looking to comparison shop for loans, education, auto, home services and other services from multiple businesses and professionals who will compete for their business.
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