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Wachovia's(WB Quote) expansion campaign continued Tuesday with an agreement to acquire AmNet Mortgage(AMNT Quote) for $83 million.
The price comes out to $10.30 a share. AmNet, whose shares were halted for trading prior to the announcement, last closed at $10.20, up 43 cents on the day.
AmNet sells a variety of residential mortgage products through a branch network that serves more than 7,000 brokers. The company funded $9 billion in residential mortgage loans in 2004 and is expected to fund $12 billion to $13 billion in 2005. ...
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