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HU3 - Huntington Bancshares Inc News Story

€7.7 -0.3  -3.8%

Last Trade - 22/09/20

Sector
Financials
Size
Large Cap
Market Cap £7.27bn
Enterprise Value £15.32bn
Revenue £3.65bn
Position in Universe 118th / 1041

Huntington Bancshares to buy Macquarie unit - sources

Mon 23rd February, 2015 11:33pm
By Jessica Toonkel and Mike Stone 
    Feb 23 (Reuters) - Huntington Bancshares Inc  HBAN.O  has 
agreed to acquire Macquarie Group Ltd's  MQG.AX  equipment 
finance unit for around $380 million to bolster its equipment 
leasing business, two people familiar with the matter said on 
Monday. 
    A deal could be announced as early this week, the people 
said, asking not to be identified because the deal is not yet 
public.  
    Representatives for Macquarie and Huntington declined to 
comment. 
    Macquarie Equipment Finance, is part of the bank's leasing 
and lending division and makes loans to hospitals for equipment. 
It also provides other services, such as asset management and  
equipment trading. 
    An auction for the unit began three months ago and attracted 
several bidders, a third person familiar with the situation 
said. 
    Macquarie bought the unit, then named CIT Systems Leasing, 
from CIT Group Inc  CIT.N  in 2008. At the time of the 
acquisition, the business had $700 million of assets. Terms of 
the deal were not disclosed. 
    Huntington Bancshares Incorporated, a bank holding company, 
operates through its subsidiary, the Huntington National Bank. 
The Columbus, Ohio-based bank offers banking services, 
automobile financing, equipment leasing and other financial 
products and services. 
    At the end of 2013, Huntington had 695 branches in Ohio, 
Indiana, Michigan, West Virginia, Pennsylvania and Kentucky. 
 
 (Reporting by Jessica Toonkel and Mike Stone in New York, 
editing by G Crosse) 
 ((mike.stone1@thomsonreuters.com; Twitter @MichaelStone; 
+1-646-223-6228; Reuters Messaging: 
mike.stone1.reuters.com@reuters.net)) 
 
Keywords: MACQUARIE GROUP M&A/HUNTINGTON BANC
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