United Community Banks (UCB) has agreed to sell its equipment finance business Navitas Credit to Wafra for about $1.9 billion in cash, the companies said separately on Friday.
Navitas will continue to be led by its existing management team after the transaction closes, which is expected in Q3, the companies said.
Bank of America and Wells Fargo are providing funding for the deal, along with an additional $1 billion in capacity to support Navitas' growth, Wafra said.
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