By Angela Chen and Julie Steinberg
Regional bank Huntington Bancshares Inc. on Tuesday said it
agreed to buy Macquarie Equipment Finance Inc. to expand its
technology offerings and presence in Michigan.
Financial terms of the deal weren't disclosed.
Bloomfield Hills, Mich.-based Macquarie Equipment Finance, a
provider of specialized technology financing, is part of
Australia's Macquarie Group Ltd.
Huntington said it would acquire about $900 million of assets
and $630 million of debt and other liabilities. The deal should add
to Huntington's earnings in the first year, the company said. It
will also add 165 jobs.
Huntington was up 1.7% in recent trading.
In an interview with The Wall Street Journal Huntington Chairman
and Chief Executive Stephen Steinour called the acquisition a
"perfect fit" and said it would enable Huntington to expand its
health care business.
Macquarie Equipment Finance originates about $500 million of
loans annually, and once the business is absorbed it is expected to
grow that amount, Mr. Steinour said.
The purchase is Columbus, Ohio-based Huntington's latest
investment in Michigan. Huntington in September completed a
24-branch acquisition from Bank of America Corp., and has signaled
its willingness to do deals in a regulatory environment that has
crimped mergers and acquisitions activity.
"To the extent that we find other opportunities that are
attractive, we'll be interested in pursuing those as well," Mr.
Steinour said.
The deal is expected to close by March 31.
Write to Angela Chen at angela.chen@dowjones.com and Julie
Steinberg at julie.steinberg@wsj.com
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