Barclays Bank has agreed to sell HomEq Servicing, its U.S. mortgage servicing business, to Ocwen Loan Servicing, a subsidiary of Ocwen Financial Corp.

The sale is for a consideration of around $1.3 billion, payable in cash on completion.  The consideration is subject to an adjustment mechanism based on the unpaid principal balance of the servicing portfolio and the value of certain other assets at completion of the transaction. 

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