Service finance company llc11/27/2022 ![]() “As with Service Finance, ECN has been able to work with both companies to meaningfully expand product menus and improve operational excellence, which will drive significant opportunities to continue to maximize shareholder value in the future.” “Going forward, ECN is well positioned to continue its success with two fantastic businesses in Triad and KG,” Mr. We believe this transaction maximizes value for ECN shareholders and puts SFC in the best position to succeed in its next phase of growth,” said Mr. Truist has been a long-time partner of SFC and is best positioned to build on the successes we’ve had over the last several years. “Service Finance has performed spectacularly since ECN’s investment in September 2017 and I want to thank Mark Berch and his entire team for their remarkable contributions. Today’s announcement to sell SFC for $2 billion marks another milestone on the road to that goal,” said Steven Hudson, CEO of ECN Capital Corp. “ECN’s primary strategic directive has been to manage and maximize investor capital in the specialty finance sector. (TSX: ECN) (“ECN Capital” or “the Company”), one of North America’s leading commercial finance companies, today announced that it has entered into a definitive agreement (the “Transaction Agreement”) with Truist Bank, the wholly owned bank subsidiary of Truist Financial Corporation (NYSE: TFC) (“Truist”) to sell all of the issued and outstanding equity interests in each of Service Finance Company, LLC and Service Finance Holdings, LLC (together “SFC”), each a wholly-owned, indirect subsidiary of the Company, for cash proceeds of US$2 billion (the ”Transaction”).įollowing the closing of the Transaction, ECN Capital intends to pay a special dividend of C$7.50 per common share or approximately US$1.5 billion from the net proceeds (after estimated taxes and transaction costs based on ECN’s current issued and outstanding common shares as of August 10, 2021), to its common shareholders. 10, 2021 (GLOBE NEWSWIRE) - ECN Capital Corp. Strong capital position will drive go-forward business Members of the Davis Polk team are based in the New York and Washington DC offices.Net after-tax proceeds of C$7.50 per share to be distributed to common shareholders Curran and associate Danielle Rapaccioli are providing tax advice. Shah and associate Chelsea Renter are providing intellectual property advice. Partner Adam Kaminsky is providing executive compensation advice. Tahyar and Evan Rosen and associates Erica Che and Ryan Johansen. The Davis Polk financial institutions M&A team includes partners Oliver Smith, Margaret E. Based in Boca Raton, Florida, Service Finance uses proprietary technology to deliver innovative payment solutions to more than 14,000 home improvement dealers and contractors, helping them provide prime and super-prime borrowers with financing for a wide range of home improvement products and projects. Service Finance Company, LLC is a subsidiary of ECN Capital Corp., a publicly traded vendor and finance company. ![]() Formed by the historic merger of equals of BB&T and SunTrust, Truist has leading market share in many high-growth markets in the country. Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. The transaction is expected to close later this year, subject to standard licensing and regulatory approvals, and satisfaction of customary closing conditions. ![]() Davis Polk is advising Truist Financial Corporation on the $2 billion acquisition of Service Finance Company, LLC by its wholly owned bank subsidiary, Truist Bank. ![]()
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