SYDNEY, Australia — Macquarie Group., Australia’s biggest investment bank, acquired the country’s second-largest auto finance company, Esanda Dealer Finance, in a $5.9 billion deal with Australia and New Zealand Banking Group (ANZ), the companies announced today.
The net portfolio is comprised of AUD$6.2 billion ($4.5 billion) of retail point-of-sale auto finance and AUD$1.6 billion ($1.2 billion) worth of other Esanda branded finance products offered to dealers, according to an ANZ press release.
“The sale of the Esanda Dealer Finance portfolio reflects a continued focus by ANZ on core businesses and further strengthens our capital position,” ANZ CEO Mark Whelan said in the release. “Macquarie’s expertise, scale and reach mean they are ideally placed to continue providing high levels of support to dealer and auto finance customers.”
The formal auction for Esanda began earlier this year and was reported to have sparked interest among companies like BMW, and U.S. private equity firms, such as Carlyle and Blackstone.
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