FGRS Figure Technology Solutions, Inc.

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Executive Summary

Figure Technology Solutions (FGRS) entered into a definitive merger agreement to acquire Kiavi, Inc. for $532.4 million in cash, with the acquisition financed via a $600 million bridge loan facility from Bank of America and Barclays. The deal is expected to close by November 30, 2026, subject to regulatory approvals (including HSR and OFAC), Kiavi stockholder approval, and a pre-closing restructuring with a joint venture sale.

Key Financial Metrics

Actionable Insight

Key Facts

• Figure Technology Solutions to acquire Kiavi, Inc. for $532.4 million in cash via merger
• Acquisition financed through a $600 million 364-day unsecured bridge loan facility from Bank of America and Barclays
• Merger agreement signed June 10, 2026; closing targeted by November 30, 2026
• Transaction includes a pre-closing restructuring and concurrent sale of Kiavi subsidiary to a joint venture
• Buyer must pay a $25 million termination fee if specific conditions fail under certain termination scenarios
• Closing conditions include HSR Act clearance, OFAC license, Kiavi stockholder approval, and no material adverse effect

Financial Impact

$532.4 million cash purchase price funded via up to $600 million bridge loan facility

Risk Factors

• Failure to obtain OFAC license or HSR clearance could terminate the deal
• Integration risks combining mortgage lending platforms
• $600 million bridge loan increases leverage; refinancing risk if Unsecured Notes offering is delayed or undersubscribed

Market Snapshot

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

US Market Status

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