Capmark Financial Group Inc. announced that it has received approval from U.S. Bankruptcy Court to complete the sale of North American servicing and mortgage banking businesses to Berkadia Commercial Mortgage LLC.
The sale to Berkadia, a newly formed entity owned by Berkshire Hathaway Inc. (BRKA) and Leucadia National Corp.(LUK), for a total purchase price of $515 million. The sale was recommended to the court by the unsecured creditors' committee and Capmark's management. The transaction is expected to close by year end.
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