Huntington Bancshares in Columbus, Ohio, has agreed to buy Macquarie Equipment Finance in Bloomfield Hills, Mich.
The $66 billion-asset Huntington would gain about $900 million in assets and take on roughly $630 million in debt, securitizations and other liabilities as part of the transaction with Australia's Macquarie Group. The equipment finance unit also has about $500 million of annual originations. Huntington said the deal, which should be accretive to earnings in its first year, should be completed by March 31.
The acquisition would add "a national technology and healthcare platform to help drive our ongoing growth," Stephen Steinour, Huntington's chairman, president and chief executive, said in a press release Tuesday. He added that the acquisition will allow Huntington to offer asset finance to small businesses.
The deal comes a few months after Huntington
Huntington was advised by Guggenheim Securities and Wachtell, Lipton, Rosen & Katz. Macquarie Group was advised by Macquarie Capital, Mayer Brown and KPMG.
