Popular to Buy Wells Fargo's Auto-Finance Business in Puerto Rico for $1.7 Billion

Date : 02/14/2018 @ 9:57PM
Source : Dow Jones News
Stock : Wells Fargo & Company (WFC)
Quote : 50.01  0.78 (1.58%) @ 1:00AM

Popular to Buy Wells Fargo's Auto-Finance Business in Puerto Rico for $1.7 Billion

Popular, Inc. (NASDAQ:BPOP)
Historical Stock Chart

1 Year : From Jan 2018 to Jan 2019

Click Here for more Popular, Inc. Charts.
   By Bowdeya Tweh 

Popular Inc. (BPOP) said Wednesday it will acquire Wells Fargo & Co.'s auto-finance business in Puerto Rico for $1.7 billion.

Popular, parent of Banco Popular de Puerto Rico, said it will acquire the Wells subsidiaries Reliable Financial Services Inc. and Reliable Finance Holding Co.

In the transaction, Banco Popular will acquire about $1.5 billion in retail auto loans and $340 million in commercial loans. The price reflects a 4.5% discount on the assets acquired, Popular said.

Popular said it expects the deal to close during the second quarter of 2018 and provide a boost to earnings.

The bank said it will fund the purchase with existing liquidity.

Reliable is expected to operate as an independent division of Banco Popular to provide continuity of service, the company said.

Popular shares closed at $41.20, up 3.62%, in Wednesday's regular session and traded down 1.27% in late trading.


Write to Bowdeya Tweh at bowdeya.tweh@wsj.com


(END) Dow Jones Newswires

February 14, 2018 16:42 ET (21:42 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

Latest WFC Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....

No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts

Your Recent History
Gulf Keyst..
FTSE 100
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.