M&A · Financials · Real Estate Investment Trusts
UWM Holdings Corp to acquire Two Harbors Investment Corp.
Announced Dec 17, 2025 · Closed Aug 25, 2026
Deal value$1.30B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$11.94 per share
Transaction
- Acquirer
- UWM Holdings Corp (UWMC)
- Target
- Two Harbors Investment Corp. (TWO)
- Buyer type
- Strategic
- Offer price per share
- $11.94
- Enterprise value
- —
- Status
- Closed Aug 25, 2026
Deal protections
- Break fee (target pays)
- $25.4M · 1.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- BofA Securities, Greenhill
- To the target
- Houlihan Lokey
Sector context · Financials
- Comparable deals
- 66 in the prior 24 months
- Premium
- Sector median 41.5%
- EV / Adj. EBITDA
- Sector median 13.7x
- Break fee
- 1.9% vs. 3.8% sector median
Timeline
- AnnouncedDec 17, 2025
- Proxy filedFeb 12, 2026
- Definitive proxyFeb 12, 2026
- Shareholder voteJul 2, 2026
- ClosedAug 25, 2026
Valuation · fairness opinions
Trading comparables$8.15$10.86
Precedent transactions$10.32$12.49
Discounted cash flow$8.94$10.78
Offer $11.94
Implied value per Two Harbors Investment Corp. share by analysis, from Houlihan Lokey · DCF discount rate 10.5%–12.5%.