ECN Capital Agrees to Sell Service Finance Business to Truist Bank

By Stephen Nakrosis

ECN Capital Corp. on Tuesday said it agreed to sell its indirect subsidiaries, Service Finance Co. LLC and Service Finance Holdings LLC, to Truist Bank.

Truist bank is a wholly-owned subsidiary of Truist Financial Corp.

Under the terms of the deal, Truist Bank will acquire all of the issued and outstanding equity interests in the ECN subsidiaries, ECN said.

Following the close of the deal, which is expected to take place in the fourth quarter of this year, ECN plans to pay a special dividend of C$7.50 per common share from the net proceeds, it said.

-Write to Stephen Nakrosis at [e-mail]

(END) Dow Jones Newswires

08-10-21 1803ET