Tree.com Receives Final Payment from Discover for Home Loan Center, Inc.
CHARLOTTE, N.C., June 20, 2013
CHARLOTTE, N.C., June 20, 2013 /PRNewswire/ --Tree.com, Inc. (NASDAQ:TREE)
announced today that a subsidiary of Discover Financial Services (NYSE: DFS)
has paid the final $10 million of the purchase price from the sale of
substantially all of the operating assets of the Home Loan Center, Inc.
business. The total purchase price was $55.9 million. The transaction closed
on June 6, 2012.
"We're excited to fully complete this transaction which also signifies our
full transition to a focused performance marketing company," saidDoug Lebda,
chairman and CEO ofTree.com. "The additional cash received improves our
already favorable cash position."
Tree.com, Inc.(NASDAQ: TREE) is the parent of several brands and
businessesthat provide information, tools, advice, products and services for
critical transactions in consumers' lives. Our family of brands includes:
LendingTree®, GetSmart®, DegreeTree®, LendingTreeAutos, DoneRight!®,
ServiceTree^SM, InsuranceTree® and HealthTree.Together, these brands serve as
an ally for consumers who are looking to comparison shop for loans, education,
auto, home services and other services from multiple businesses and
professionals who will compete for their business.
Tree.com, Inc.is headquartered inCharlotte, N.C.and maintains operations
solely inthe United States. For more information, please visitwww.tree.com
SOURCE Tree.com, Inc.
Contact: Megan Greuling, 704-943-8208, firstname.lastname@example.org
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