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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  ECN Capital Corp    ECN   CA26829L1076

ECN CAPITAL CORP

(ECN)
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ECN Capital : to sell U.S. equipment finance business to PNC

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02/21/2017 | 09:49am EDT

(Reuters) - Canada's ECN Capital Corp (>> ECN Capital Corp) said on Tuesday it would sell its U.S. commercial and vendor finance business to PNC Financial Services Group (>> PNC Financial Services Group Inc) for about $1.25 billion in cash.

(Reuters) - Canada's ECN Capital Corp (>> ECN Capital Corp) said on Tuesday it would sell its U.S. commercial and vendor finance business to PNC Financial Services Group (>> PNC Financial Services Group Inc) for about $1.25 billion in cash.

ECN Capital, which was spun out of Element Financial Corp last year, said the deal includes assets worth about $1.08 billion.

Pittsburgh, Pennsylvania-based PNC expects the deal to modestly add to its earnings this year. The transaction is expected to close in the second quarter.

ECN's $220 million deal with Infor, a special purpose acquisition company, fell apart last year due to opposition from Infor shareholders.

Citigroup Global Markets Inc was the financial adviser to PNC and Wachtell, Lipton, Rosen & Katz its legal adviser.

Macquarie Capital was ECN Capital's lead financial adviser, while Morgan Stanley and BMO Capital Markets assisted it.

(Reporting by John Benny in Bengaluru; Editing by Saumyadeb Chakrabarty and Maju Samuel)

Stocks treated in this article : PNC Financial Services Group Inc, ECN Capital Corp
Stocks mentioned in the article
ChangeLast1st jan.
ECN CAPITAL CORP 0.46% 4.34 Delayed Quote.25.22%
PNC FINANCIAL SERVICES GROUP -1.27% 123.9 Delayed Quote.7.31%
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Financials ($)
Sales 2019 258 M
EBIT 2019 77,2 M
Net income 2019 36,4 M
Debt 2019 -
Yield 2019 1,31%
P/E ratio 2019 22,87
P/E ratio 2020 13,53
Capi. / Sales 2019 3,86x
Capi. / Sales 2020 3,25x
Capitalization 996 M
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Number of Analysts 11
Average target price 3,81 $
Spread / Average Target 17%
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Managers
NameTitle
Steven K. Hudson Chief Executive Officer & Director
Jim Nikopoulos President
William W. Lovatt Chairman
Grier Colter Chief Financial Officer
Bradley D. Nullmeyer Vice Chairman
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