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H&R Block to Sell Option One to Cerberus; Expects Full-Year Loss in 2007
Apr 20, 2007H&R Block Inc. (NYSE:HRB) announced Friday that it will sell Option One to an affiliate of Cerberus Capital Management, L.P., a well-known private investment firm with numerous existing investments elsewhere in the mortgage industry, in a deal currently worth an estimated $970 million. The transaction excludes Option One subsidiary H&R Block Mortgage Corp., and H&R Block said that it will cease operations at its direct lending subsidiary as a result. The tax services provider also said that it expects to report an annual loss for its 2007 fiscal year as a result of roughly $350 million in charges associated with the sale of Option One and the exit of H&R Block Mortgage.
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