Grow Asset Finance agreed to acquire Non-core Commercial Equipment Finance Australia business of Eclipx Group Limited (ASX: ECX) for $14.6 million on September 13, 2019. The net proceeds of the sale will be applied to the reduction of corporate debt of Eclipx Group Limited. The employees of Commercial Equipment Finance Australia will transition with the business, avoiding any disruption to the staff as well as any associated redundancy or termination costs. The transaction is expected to close in the coming days. Herbert Smith Freehills acted as legal advisor to Eclipx Group Limited.