The Macquarie Group has gone into a trading halt and is expected to announce the acquisition of the ANZ Bank’s Esanda vehicle finance unit.
“Macquarie Group expects to make an announcement to the ASX in relation to a proposed transaction and update to short term outlook,” the bank told the market.
ANZ last month gained regulatory approval from the ACCC, the consumer watchdog, to close the sale of its vehicle finance company Esanda to Macquarie Bank.
Macquarie Bank will pay $8.23 billion for the entire Esanda portfolio, including $6.2 billion of point-of-sale auto finance and other the Esanda branded auto finance worth $1.6 billion.
Part of Macquarie’s purchase announcement is expected to deal with the financing of the deal, including an equity raising.
The AFR’s Street Talk quotes fund manager sources as saying JPMorgan, Macquarie Capital and Bank of America Merrill Lynch will launch a share purchase plan to raise $400 million.
For the ANZ, the sale, added to a $3 billion equity raising, helps the bank to meet APRA’s stricter capital requirements.