United Community Banks Completes $2.0 Billion Sale of Navitas to Wafra

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Summary · why it matters

United Community Banks, Inc. announced the completion of the sale of its equipment finance business, Navitas, to funds managed by Wafra Inc. for approximately $2.0 billion in cash. The transaction, which includes Navitas Credit Corp. and NLFC Reinsurance Corp., represents a 7% premium to the par value of Navitas' loan portfolio. United's Chairman and CEO Lynn Harton said the sale reinforces the bank's focus on its core Southeastern relationship banking business and enhances liquidity and capital strength. BofA Securities served as exclusive financial advisor to United, with Squire Patton Boggs as legal advisor, while Wafra was advised by Sidley Austin, Chapman and Cutler, and Clifford Chance.

Impact on assets 2

Financials▲
United Community Banks, Inc.
UCB
▲ PositiveCapitalrelevance

United Community Banks completed the $2.0B cash sale of its Navitas equipment finance unit at a 7% premium to par, boosting liquidity and capital strength.

Off-coverage companies 7

Chapman and Cutler LLPi
Private± Mixedrelevance

Clifford Chancei
Private± Mixedrelevance

Navitas Credit Corp.i
Private± Mixedrelevance

NLFC Reinsurance Corp.i
Private± Mixedrelevance

Sidley Austin LLPi
Private± Mixedrelevance

Squire Patton Boggsi
Private± Mixedrelevance

Wafra Inc.i
Private± Mixedrelevance