Shares of the mortgage servicing company Home Point Capital (NASDAQ: HMPT) traded roughly 18.3% higher as of 12:24 p.m. ET today after the company announced that it will be acquired by Mr. Cooper Group (NASDAQ: COOP), which itself traded close to 5% higher today.

Home Point and Mr. Cooper Group announced in a joint statement that Mr. Cooper Group will acquire Home Point for $324 million in cash and also assume $500 million in senior notes due February 2026.

Mr. Cooper Group plans to shut down Home Point's operations after adding the company's customers, and the deal is expected to close in the third quarter of this year.

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Source Fool.com