Huntington Finalizes Macquarie EF Acquisition
Huntington Bancshares completed its acquisition of Michigan-based Macquarie Equipment Finance from its parent company, Sydney, Australia-based Macquarie Group. The acquisition is expected to be accretive to Huntington’s earnings in 2015.
With the announcement, Macquarie will begin transitioning to operate under the name Huntington Technology Finance. Based outside of Detroit, Macquarie is the sixth major investment Huntington has made in Michigan in the past five years.
Under the terms of the agreement, Huntington acquired approximately $900 million of assets and assumed approximately $630 million of debt, securitizations, and other liabilities.
“The acquisition gives Huntington the ability to expand its already successful equipment financing business nationally and regionally,” said Steve Steinour, chairman, president and CEO of Huntington Bancshares. “With the acquisition we can offer additional leasing options for our corporate, middle market and small business customers in order to help them expand their companies. It also represents another Huntington investment in Michigan, where we are growing our presence and employee base because we believe in the future of the state.”