ECN Capital to sell U.S. equipment finance business to PNC
(Reuters) - Canada's ECN Capital Corp (ECN.TO: Quote) said on Tuesday it would sell its U.S. commercial and vendor finance business to PNC Financial Services Group (PNC.N: Quote) for about $1.25 billion in cash.
ECN Capital, which was spun out of Element Financial Corp last year, said the deal includes assets worth about $1.08 billion.
Pittsburgh, Pennsylvania-based PNC expects the deal to modestly add to its earnings this year. The transaction is expected to close in the second quarter.
ECN's $220 million deal with Infor, a special purpose acquisition company, fell apart last year due to opposition from Infor shareholders.
Citigroup Global Markets Inc was the financial adviser to PNC and Wachtell, Lipton, Rosen & Katz its legal adviser.
Macquarie Capital was ECN Capital's lead financial adviser, while Morgan Stanley and BMO Capital Markets assisted it.
(Reporting by John Benny in Bengaluru; Editing by Saumyadeb Chakrabarty and Maju Samuel)
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