Cerberus To Acquire Option One

Cerberus has agreed to acquire Option One Mortgage Corp. from H&R Block Inc. (NYSE: HRB). The cash purchase price will be the value of the tangible net assets of the business at the date of closing, less $300 million. As of January 31, the tangible net assets were $1.27 billion. Option One is an Irvine, Calif.-based national wholesale originator and servicer of non-prime residential mortgage loans. www.optiononemortgage.com