Tree.com to Acquire SurePoint Lending for up to $23M

Tree.com, Inc. TREE today announced that its subsidiary, LendingTree Loans, has signed a definitive agreement to acquire assets of SurePoint Lending, a DBA of First Residential Mortgage Network, Inc. Tree.com will pay SurePoint shareholders an aggregate purchase price of $6 million in cash and contingent consideration up to an aggregate additional $17 million pursuant to earn out provisions over the next three years. Tree.com was advised in the transaction by Petsky Prunier, LLC. The acquisition is expected to close in the first quarter of 2011, with terms subject to various closing conditions.