Sixth Street Consortium Said to Be Buyer of UBS Mortgage Unit

A group of investors led by Sixth Street Partners has agreed to buy Credit Suisse’s US mortgage servicing business from UBS Group AG, according to people familiar with the matter.

Sixth Street is working with co-investor Davidson Kempner Capital Management on the deal to acquire UBS’s Select Portfolio Servicing, they said, asking not be identified because the details aren’t public. The sale is expected to close in the first quarter of 2025.

UBS said in its second-quarter report this week that it had reached an agreement to sell the business without identifying the buyer. The deal would reduce the company’s ...