An Unusual Transaction Just Boosted The Billionaire Ishbia Brothers' Stake In The Phoenix Suns [Forbes]
UWM Holdings Corporation Class A (UWMC)
Company Research
Source: Forbes
The billionaire brothers who control the Phoenix Suns just completed a nearly $400 million deal that boosted their stake in the NBA team. In a series of transactions with at least four of the team's minority owners over the last two months, an entity controlled by Mat and Justin Ishbia swapped stock in their family mortgage giant, UWM Holdings, for additional shares of the Suns, sources told Forbes “Mat negotiated the right to purchase more of the team at the original valuation from back when he bought it in 2023,” a spokesperson for Mat Ishbia, who is the the largest shareholder of both the Suns and UWM, told Forbes . “He has this right until the end of 2024 and is exercising it. He has gotten significant inbound interest at valuations of $5B+ based on the increase in revenue, performance of the organizations and the new media deal. Mat has no intention of selling any shares of the teams (Suns or Mercury) to anyone at this time.” The Ishbia brothers acquired an estimated 56% of
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UWMC
Earnings
- 11/7/24 - Miss
UWMC
Sec Filings
- 11/14/24 - Form SC
- 11/8/24 - Form SC
- 11/8/24 - Form SC
- UWMC's page on the SEC website