UWM, Gores Deal Done – Clearing Way For IPO

United Wholesale mortgage and Gores Holdings IV, Inc., announced Thursday the closing of their previously announced $16 billion business merging, clearing the way for UWM to go public Friday in the largest deal of its kind.

The new company – UWM Holdings Corporation – will trade under the ticker symbol “UWMC” beginning Friday.

“Today is a historic day for the entire UWM team and all independent mortgage broker partners throughout America,” UWM CEO and President Mat Ishbia said. “We are grateful to The Gores Group for their expertise in the SPAC process, they are the experts in these things and we’ve appreciated all of the guidance they’ve provided to get us to our listing day.”

Read also: It’s Good To Be Mat Ishbia

The special purpose acquisition company – or SPAC – merger will be the largest to date, giving UWM a $925 million capital infusion and a public valuation of $16.1 billion. Ishiba is expected to receive 70 percent of the company’s stake, making him the 51st richest person in the world, according to Forbes.

“UWM’s unparalleled market position, customized technology and deep bench of talent have brought the company to the forefront of the mortgage industry,” The Gores Group CEO Alec Gores said. “We’re excited about this important milestone and we are confident that Mat’s exceptional leadership, along with his team’s dedication and experience, will continue to drive long-term value for all stakeholders for years to come.”