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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Macquarie Group Limited | ASX:MQG | Australian Stock Exchange | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -4.82 | -2.56% | 183.53 | 183.70 | 184.30 | 187.69 | 183.36 | 187.10 | 1,512,536 | 09:50:00 |
From May 2019 to May 2024
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
Access Investor Kit for Macquarie Group Ltd.
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=AU000000MQG1
Access Investor Kit for Huntington Bancshares, Inc.
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Access Investor Kit for Macquarie Group Ltd.
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US55607P2048
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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