Ingram Micro's new owners snap up ANZ Bank business
Ingram Micro’s new owners, HNA Group, have snapped up another business – acquiring ANZ Bank’s UDC Finance asset finance business.
HNA Group bought Ingram Micro last year in a US$6 billion deal which closed in December and which makes Ingram Micro a subsidiary of HNA’s Tianjin Tianhai logistics, supply chain and financial services company.
HNA, which has a financial arm which operates a diverse set of businesses in equipment leasing, insurance and credit services, will pay $660 million for UDC Finance with the deal expected to close in the second half of 2017, subject to approvals.
UDC provides specialist asset-based finance to Kiwi businesses for plant, vehicles and equipment.
Adam Tan, HNA Group vice chairman and chief executive, says UDC’s highly diversified portfolio offers significant growth opportunities in Australasia and supports the company’s strategy of expanding its core tourism, logistics and financial services businesses.
David Hisco, ANZ New Zealand chief executive, says the sale followed a strategic review and was in line with ANZ’s strategy to simplify its business and focus on its core banking activities.
“UDC Finance is a great business which is performing well,” Hisco says.
“We’re extremely proud of what our teams have achieved over the years providing specialist asset-based finance to New Zealand businesses for plant, vehicles and equipment.
He says the purchase is a ‘significant’ vote of confidence in the New Zealand economy.
“HNA is well placed to invest in specialist asset finance products and systems which will help UDC expand further in the future.”
HNA will maintain UDC’s operations, with all existing staff retained and existing customer lending maintained.
HNA Group has been ramping up its presence in Australia and New Zealand in recent months. As well as the purchase of the Ingram Micro global business, it invested in Virgin Australia - to the tune of AU$159 million - in June.