United Community Banks has agreed to acquire NLFC Holdings including its wholly-owned subsidiary Navitas Credit in a deal valued at approximately $130m.

As per terms of the deal, nearly 35% of the consideration will be paid in United’s common stock while 65% to be paid in cash. The transaction is scheduled to be completed in the first quarter of 2018.

Navitas operates as a specialty lending company providing equipment finance credit services to small and medium-sized businesses across the US.

Founded in 2008, Navitas had outstanding loans and leases totalling almost $350m in the aggregate as of 30 September 2017.

United president and CEO of United Community Bank Lynn Harton said: “This transaction is consistent with our commitment to grow our specialty and commercial lending business.

“Navitas will be a strong strategic addition to our existing platforms, providing attractive risk-adjusted returns and enabling us to further expand our client offerings.

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“The transaction funding synergies are evident and Navitas brings significant profitability enhancement and growth potential. The business will continue to be run by Navitas’ talented management team, and our shared relationship-based approach makes this a great fit for our organization.”