“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
#SERVICE FINANCE COMPANY LLC UPDATE#
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