United Community Banks completes sale of Navitas equipment finance business to Wafra for $2 billion cash
UCBI•Advisers
BofA Securities advised United, and Squire Patton Boggs served as legal counsel.
Deal details and strategic impact
The price implied a 7% premium to the par value of Navitas’ loan portfolio.
United said the deal sharpens its focus on Southeastern relationship banking, boosting liquidity and capital while reducing risk.
United Community Banks completes Navitas sale
United Community Banks completed the sale of its Navitas equipment finance business to funds managed by Wafra for about $2 billion cash.
Assets sold include Navitas Credit Corp. and NLFC Reinsurance Corp., transferred via Navitas TopCo.
