Pontiac-based United Wholesale Mortgage is going public through a merger deal that will value the company at more than $16 billion.

The deal is with the publicly traded “blank check” company Gores Holding IV, run by Alec Gores, the brother of Detroit Pistons owner Tom Gores, according to a news release Wednesday morning.

United Wholesale, the largest wholesale mortgage lender in the U.S., will trade under the ticker symbol “UWMC” on the Nasdaq.

United Wholesale operates under the brand name United Shore and has been one of Southeast Michigan’s fastest-growing companies.

The deal follows the initial public offering of mortgage lender Quicken Loans in June.

Gores Holdings is a publicly traded “special purpose acquisition vehicle,” a company designed to purchase another company as a mechanism for becoming publicly traded.

This is a breaking news story and will be updated.

Source Google News