IndyMac to Be Sold to Private Equity, Hedge Fund, NYT Reports

IndyMac to Be Sold to Private Equity, Hedge Fund, NYT Reports


Dec. 28 (Bloomberg) -- IndyMac Bank is close to being sold to a group of private equity and hedge fund firms in a transaction that may be announced as early as tomorrow, the New York Times reported, citing unidentified people briefed on the matter.

The buyers include private equity firms J.C. Flowers & Co. and Dune Capital Management and the hedge fund firm Paulson & Co., the people told the newspaper. The proposed sale is unusual in that it’s one of the first transactions involving unregulated private equity firms acquiring a bank-holding company, the Times said in its Dealbook section.

The investor group would buy the whole California-based mortgage lender that was seized by U.S. regulators five months ago. The purchase would include IndyMac’s 33 branches, reverse- mortgage unit and its $176 billion loan-servicing portfolio, the newspaper said.

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