Chimera Investment Corporation (NYSE: CIM) (“Chimera”) Announces Definitive Agreement to Acquire Palisades Group
Chimera Investment Corporation (CIM)
Last chimera investment corporation earnings: 2/12 07:00 am
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Source: Business Wire
Transaction Expected to Broaden Chimera’s Residential Credit Reach and Be Accretive to Earnings in 2025 NEW YORK--(BUSINESS WIRE)--Chimera Investment Corporation (NYSE: CIM) (“Chimera”) today announced that it has entered into a definitive agreement to acquire Palisades Group (“Palisades”), a U.S.-based alternative asset manager specializing in residential real estate credit. Founded in 2012, Palisades manages and invests in residential real estate assets across a broad spectrum of credit products. Upon closing, Jack Macdowell, Jr., co-founder and Chief Investment Officer of Palisades, will become Chimera’s Chief Investment Officer.Under the terms of the agreement, Chimera will acquire Palisades for cash consideration of $30 million at closing, plus an additional potential earnout of up to $20 million over five years contingent upon achieving certain financial targets, with the option for Chimera to pay 50% of the earnout payments in common shares, aligning interests with those of
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- 11/7/24 - Form S-3ASR
- 11/6/24 - Form 8-K
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