Wafra is buying Navitas Credit Corp., a provider of equipment finance services, from United Community Bank, a wholly-owned susidiary of United Community Banks (NYSE: UCB) for approximately $1.9 billion.
Navitas specializes in financing essential equipment purchases for small and mid-sized businesses. The target has more than 200 employees across six locations.
Bank of America and Wells Fargo are providing acquisition financing, as well as $1.0 billion of additional financing capacity to support Navitas’ growth.
BofA Securities and Squire Patton Boggs (US) LLP are advising United. Sidley Austin LLP, Chapman and Cutler LLP (financing) and Clifford Chance LLP (funds) are advising Wafra. Rinaldi Advisory Services advised Wafra on operational due diligence.