Accredited Home Lenders Holding Co. said it has completed a merger with subprime lender Aames Investment Corp. in which Accredited will issue 4.4 million shares of common stock and pay $77.6 million for Aames’ outstanding common stock.
The deal, approved by stockholders in September, was valued at about $340 million when it was announced in May, the Associated Press reported.
Based in San Diego, Accredited Home Lenders Holding Co. is a mortgage company operating throughout the United States and Canada, originating, financing, securitizing, servicing and selling nonprime residential mortgage loans.
