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(NYSE: VEL) disclosed a definitive agreement to acquire the operating platform of Toorak Capital LLC in a transaction estimated at approximately $3.2 billion, based on Toorak's consolidated balance sheet as of June 30, 2026.
Toorak is a business-purpose lending and asset management platform majority owned by funds advised by affiliates of KKR.
The acquisition is structured as a 100% cash purchase of Toorak's platform, including Merchants Mortgage & Trust Corporation, Toorak's direct origination business in the United States, and Toorak's lending operations across both the US and the United Kingdom.
Toorak employed approximately 280 people as of June 30, 2026, including roughly 120 at Merchants.
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