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Huntington Finalizes Macquarie Equipment Finance Acquisition

April 01, 2015, 07:17 AM
Filed Under: Mergers & Acquisitions

Huntington Bancshares completed its acquisition of Michigan-based Macquarie Equipment Finance, Inc. from its parent company, Sydney, Australia-based Macquarie Group Ltd. The acquisition is expected to be accretive to Huntington’s earnings in 2015.

MEF-US is the largest standalone, independent provider of specialized technology financing in North America with approximately $500 million of annual originations. With today’s announcement, MEF-US will begin transitioning to operate under the name Huntington Technology Finance. Based outside of Detroit, MEF-US is the sixth major investment Huntington has made in Michigan in the past five years.

“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.”

The transition will be seamless for customers who will continue to interface with the converting MEF-US workforce, under the ongoing leadership of Gregory Goldstein, formerly president of MEF-Global. The acquisition will add more than 165 jobs to Huntington’s colleague base.

“We have organically grown Huntington Equipment Finance by more than 200 percent over the past five years,” said Rick Remiker, Huntington commercial banking director. “With the addition of the MEF-US team, Huntington will have even greater expertise especially in the fast growing health care and technology markets that many of our customers and potential customers need in order to stay ahead of the ever-changing technology curve.”

Under the terms of the agreement, Huntington acquired approximately $900 million of assets and assumed approximately $630 million of debt, securitizations, and other liabilities.

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