4 Merger and Acquisitions Stock Stories Making Friday Headlines
Lloyds Banking Group Plc (NYSE:LYG): Current price $4.93
Lloyds Banking Group is poised to divest its Australian assets to Westpac $1.45 billion, marking the latter’s biggest acquisition since its buyout of St George Bank five years ago. The deal with Lloyds, which is leaving the Australian market, will see the Australian bank purchase its asset finance unit CFAL and its corporate loan portfolio BOSI. The transaction is comprised of the motor vehicle finance book of $3.9 billion, equipment finance book of $2.9 billion, and a corporate loan portfolio of $1.6 billion, which all told give the loan portfolio a face value of $8.4 billion.