TCF buys ECN Capital's service finance business for $2 billion

ECN Capital

10/08/2021 22:05

Aug 10 (Reuters) - Truist Financial Corp  TFC.N  said on
Tuesday it would buy ECN Capital Corp's  ECN.TO  service finance
business for $2 billion to expand Truist's point-of-sale lending
business.
    After the deal closes, ECN Capital intends to pay a special
dividend of C$7.50 per common share, or about $1.5 billion, from
the net proceeds to its common shareholders.

 (Reporting by Mrinalika Roy in Bengaluru; Editing by Devika
Syamnath)
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