Radian Announces Sale of Clayton Services LLC to Covius Holdings and Sets Fourth Quarter Conference Call for February 6, 2020
Summary
The sale is consistent with Radian’s strategic focus on its core mortgage and real estate businesses and reflects the repositioning of its Services segment initiated in 2017. The company does not expect the sale of Clayton Services to have a material net impact on Radian’s future financial results but does anticipate that for the fourth quarter of 2019 it will record a pre-tax, non-cash impairment of goodwill and other acquired intangible assets of approximately $18.5 million related to this transaction without reference to other factors affecting its fourth quarter results. “The driving force behind all that we do at Radian is our focus on our core mortgage and real estate capabilities and our commitment to serving the strategic needs of our clients,” said Chief Executive Officer Rick Thornberry. Thornberry added, “We are very proud of our Clayton Services team for their hard work and dedication on behalf of Radian and wish them continued success as part of the Covius organization.” Radian will hold a conference call on Thursday, February 6, 2020, at 10:00 a.m. Eastern time to discuss the company’s fourth quarter and year-end 2019 results, which will be announced after the market closes on Wednesday, February 5, 2020. We are informed by data and analytics, powered by technology, and driven to deliver new and better ways of doing business across the mortgage and real estate value chain.