Truist Bank $2 billion acquisition of Service Finance
Davis Polk is advising Truist Financial Corporation on the $2 billion acquisition of Service Finance Company, LLC by its wholly owned bank subsidiary, Truist Bank. The transaction is expected to close later this year, subject to standard licensing and regulatory approvals, and satisfaction of customary closing conditions.
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Formed by the historic merger of equals of BB&T and SunTrust, Truist has leading market share in many high-growth markets in the country. Service Finance Company, LLC is a subsidiary of ECN Capital Corp., a publicly traded vendor and finance company. Based in Boca Raton, Florida, Service Finance uses proprietary technology to deliver innovative payment solutions to more than 14,000 home improvement dealers and contractors, helping them provide prime and super-prime borrowers with financing for a wide range of home improvement products and projects.
The Davis Polk financial institutions M&A team includes partners Oliver Smith, Margaret E. Tahyar and Evan Rosen and associates Erica Che and Ryan Johansen. Partner Adam Kaminsky is providing executive compensation advice. Partner Pritesh P. Shah and associate Chelsea Renter are providing intellectual property advice. Partner William A. Curran and associate Danielle Rapaccioli are providing tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.