ECN Capital to Sell U.S. Equipment Finance Business to PNC for US$1.25 billion

Dechert advised ECN Capital Corp., one of North America's leading commercial finance companies, on its agreement with PNC Financial Services Group (PNC) to sell its US Commercial and Vendor (C&V) Finance business for cash proceeds of approximately US$1.253 billion. PNC will purchase ECN Capital's US C&V Finance business which includes approximately US$1.075 billion of total assets.

As part of the transaction, PNC agreed to offer employment to all of ECN Capital's US C&V Finance employees and retained the lease on the existing office in Horsham, Pennsylvania. The transaction is subject to customary approvals and is expected to close by early April 2017.

The Dechert team on this transaction was led by corporate partner Derek Winokur, with support from corporate associates Aaron Suh, Matthew Rothman and Stephanie Haas. Additional counsel was provided by global finance partner Andrew Pontano, tax partner Steven Clemens and employee benefits and executive compensation partner Eric Rubin.

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