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News & Insights

ECN Capital’s $2 Billion Sale of its Service Finance Business to Truist Bank

August 11, 2021

On August 10, 2021, ECN Capital Corp. (“ECN Capital”), one of North America’s leading commercial finance companies, announced that it has entered into a definitive agreement with Truist Bank to sell its Service Finance business for cash proceeds of $2 billion. Service Finance is a nationally licensed sales finance company and an approved FHA Title I lender. Cravath is representing ECN Capital in connection with the transaction.

The Cravath team is led by partner Erik R. Tavzel and includes associates Adam M. Sanchez, Christopher M. Tierney, Connor F. O’Neill and Nicholle Lamartina on corporate matters; partner Eric W. Hilfers and associate Laura S. Lee on executive compensation and benefits matters; partner J. Leonard Teti II and associate Kyle R. Jorstad on tax matters; partner Matthew Morreale on environmental matters; senior attorney Joyce Law on real estate matters; and associate Carys J. Webb on intellectual property matters.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • Financial Institutions Group (FIG)
  • Executive Compensation and Benefits
  • Tax
  • Environmental
  • Intellectual Property
  • Financial Services and Insurance

People

Photo
Name
Eric W. Hilfers
Title
Executive Compensation and Benefits
Title
Partner
Email
ehilfers@cravath.com
Phone
+1-212-474-1352
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    Education

    • J.D., 1998, University of Chicago Law School
      with Honors
    • A.B., 1995, Princeton University

    Admitted In

    • New York
    Photo
    Name
    J. Leonard Teti II
    Title
    Tax
    Title
    Partner
    Email
    lteti@cravath.com
    Phone
    +1-212-474-1896
    vCard
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      Education

      • J.D., 2005, University of Virginia School of Law
        Order of the Coif
      • A.B., 1999, Princeton University
        with Honors

      Admitted In

      • New York
      Photo
      Name
      Matthew Morreale
      Title
      Corporate
      Title
      Partner
      Email
      mmorreale@cravath.com
      Phone
      +1-212-474-1534
      vCard
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        Education

        • J.D., 1997, Columbia Law School
          Harlan Fiske Stone Scholar
        • M.S., 1994, University of Pennsylvania
        • B.A., 1990, University of Pennsylvania
        • B.A.S., 1990, University of Pennsylvania

        Admitted In

        • New York
        Photo
        Name
        Joyce Law
        Title
        Corporate
        Title
        Senior Attorney
        Email
        jlaw@cravath.com
        Phone
        +1-212-474-1066
        vCard
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          Education

          • J.D., 1997, Boston University School of Law
          • B.Comm., 1994, University of Alberta
            Distinction

          Admitted In

          • New York

          Related News & Insights

          Deals & Cases

          August 11, 2021

          ECN Capital’s $2 Billion Sale of its Service Finance Business to Truist Bank

          On August 10, 2021, ECN Capital Corp. (“ECN Capital”), one of North America’s leading commercial finance companies, announced that it has entered into a definitive agreement with Truist Bank to sell its Service Finance business for cash proceeds of $2 billion. Service Finance is a nationally licensed sales finance company and an approved FHA Title I lender. Cravath is representing ECN Capital in connection with the transaction.

          Deals & Cases

          August 01, 2021

          Afterpay’s $29 Billion Acquisition by Square, Inc.

          On August 1, 2021, Afterpay Limited and Square, Inc. announced that they have entered into a Scheme Implementation Deed under which Square has agreed to acquire all of the issued shares in Afterpay by way of a recommended court-approved Scheme of Arrangement. The transaction has an implied value of approximately $29 billion based on the closing price of Square common stock on July 30, 2021, and is expected to be paid in all stock. Cravath, together with Gilbert + Tobin, is representing Afterpay in connection with the transaction.

          Deals & Cases

          July 30, 2021

          Swvl’s Business Combination with Queen’s Gambit Growth Capital

          On July 28, 2021, Swvl Inc. (“Swvl”), a Dubai‑based provider of transformative mass transit and shared mobility solutions, and Queen’s Gambit Growth Capital, the first special purpose acquisition company entirely led by women, announced that they have entered into a definitive agreement for a business combination that would result in Swvl becoming a publicly listed company. Upon completion of the proposed transaction, the combined public company will be named Swvl Holdings Corp and is expected to be the first $1 billion plus “unicorn” from the Middle East to list on NASDAQ, under the ticker symbol “SWVL”. Cravath is representing Swvl in connection with the transaction.

          Deals & Cases

          July 21, 2021

          Lindsay Goldberg’s Sale of BAF to Madison Industries’ Indoor Air Quality Vertical

          On July 19, 2021, Lindsay Goldberg, a private investment firm, announced that funds managed by the firm have entered into a definitive agreement to sell Big Ass Fans (“BAF”), a pioneer of the high volume, low speed and connected fan categories, to Madison Industries’ Indoor Air Quality vertical. Cravath is representing BAF in connection with the transaction.

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