Dutch banking giant ING announced plans today to acquire the largest independent residential mortgage broker in Germany for roughly $650 million.
The bank will offer 64 euros per share for German mortgage distributor Interhyp AG, and has already received irrevocable commitment from the company’s founders to tender their 32 percent stake.
The co-founding pair, Robert Haselsteiner and Marcus Wolsdorf, will stay on to the lead the company assuming the public offer slated for early June is successful.
The deal is expected to close in the third quarter of 2008, subject to approval by the anti-trust authorities and supervisor De Nederlandsche Bank.
Interhyp AG was founded in 1999, and offers home loan programs from over 50 banks via internet and telephone based channels.
It employs 250 mortgage consultants throughout Germany, with retail offices in Berlin, Frankfurt, Munich and a handful of other major cities.
“This acquisition is in line with ING DIRECT’s strategy to strengthen and expand its range of simple products in savings, mortgages, payment accounts and investment services,” said ING Direct CEO Dick Harryvan in a statement.
“Interhyp is ING DIRECT’s biggest mortgage distributor for Germany. Interhyp’s business model and sophisticated technology platform offer a large potential for enhancing ING’s distribution platforms in Europe.”