PPM Finance, a Chicago affiliate of Jackson National Life Insurance Co., said Tuesday that it has acquired the assets of AT&T Commercial Finance Corp. from Newcourt Credit Group of Toronto.
Terms of the deal were not disclosed.
The AT&T assets include a portfolio of nearly $500 million in secured working capital loans and debtor-in-possession assets. Both direct and syndicated transactions are included.
The assets are similar in profile to PPM Finance's existing portfolio of middle-market companies with an average credit of $20 million or larger, the company said.
When the deal closes, PPM Finance's commercial finance group would manage close to $1 billion of assets for Jackson National Life of East Lansing, Mich. It would also have offices in Baltimore, Philadelphia, and New York.
PPM Finance is the commercial finance arm of Chicago's PPM America, the North American subsidiary of Prudential Portfolio Managers, a global investment manager in London with $217 billion of assets.
Newcourt bought AT&T Commercial Finance as part of its January 1998 acquisition of AT&T Capital.