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Oct

07

Macquarie to Buy ANZ’s Dealer Finance Unit, Raise Capital

By Tony Seruga

Macquarie ups 1H forecast, sees A$1.60/share interim dividend
Transaction to boost ANZ common equity tier 1 ratio by 20 bps

Macquarie Group Ltd. will buy Australia & New Zealand Banking Group Ltd.’s Esanda car dealer finance business and seek to raise A$400 million ($288 million) by selling shares to institutions to help fund the deal.

The Sydney-based bank said it needs A$800 million in initial capital for the purchase and also plans to offer stock to shareholders after announcing its first-half results in October, it said in a regulatory filing Thursday. Macquarie is offering shares to institutions at a price range of A$75.50 to A$77.80, compared with the Wednesday close of A$77.84, according to terms for the deal obtained by Bloomberg…

Macquarie to Buy ANZ’s Dealer Finance Unit, Raise Capital

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