Macquarie Group has won the long running and highly competitive process to acquire the Esanda dealer finance portfolio from ANZ for $8.2 billion.
ANZ’s New Zealand finance arm, UDC, is not part of the deal.
Esanda will become part of Macquarie Leasing, the automotive and equipment financing division of Macquarie’s Corporate and Asset Finance Group.
As at August 31, 2015, Esanda had net lending assets with a book value of $7.8 billion comprising $6.2 billion of retail receivables and $1.6 billion of bailment and other finance offered to motor vehicle dealers.
There deal means the motor vehicle finance portfolio managed by Macquarie Leasing will increase from $9 billion (as at 31 August 2015) to around $17 billion.
Macquarie Group chief executive officer Nicholas Moore says: “The portfolio is in a market in which Macquarie has significant expertise and has successfully integrated similar acquisitions, such as the GMAC and Ford portfolios.”
Macquarie expects to fund the acquisition from existing funding sources combined with third party financing arrangements and a capital raising.
The Australian Competition and Consumer Commission has announced that it will not oppose the acquisition.
The financial close for the acquisition is expected to occur by October 31, 2015.
