Macquarie Said to Sell Equipment Finance Unit to HuntingtonNarayanan Somasundaram
Macquarie Group Ltd., Australia’s largest investment bank, has agreed to sell its equipment finance business to Huntington Bancshares Inc. for about $380 million, a person with knowledge of the matter said.
The sale of Macquarie Equipment Finance could be announced as soon as this week, the person said, asking not to be identified as the details are private. The business, whose customers include hospitals and semiconductor makers, has about $950 million of assets.
U.S. banks have been seeking to buy business lenders to make up for a decline in consumer borrowing since the financial crisis. Macquarie was seeking about twice the book value of the unit, which it bought in 2008 from CIT Group Inc., people with familiar with the matter said last month.
Stephen Yan, a New York-based spokesman for Macquarie declined to comment as did Maureen Brown, a spokeswoman for Huntington. Reuters reported on the sale Monday in New York, citing unidentified people.