Financial services firm Wells Fargo & Co. (WFC) said it has reached a definitive agreement to acquire WestLB's subscription finance portfolio. The portfolio contains about $6 billion in commitments (nearly $3 billion outstanding). Terms of the agreement were not disclosed. The company expects to close the transaction by the end of the second quarter of 2012.
The subscription finance provides committed revolving and term loans as well as letters of credit mainly to private equity and real estate investment funds to facilitate the funds' investment activities. The financing is secured by uncalled capital commitments from the funds' institutional investors.
Julie Caperton, head of Asset-Backed Finance and Securitization said, "We have been growing our subscription finance business organically for many years. This acquisition enhances our position in the marketplace and provides our clients with dedicated customer service as well as Wells Fargo's strength, stability and broad product set."
Dee Dee Sklar, former head of WestLB's subscription finance group, has been hired to run Wells Fargo's subscription finance business and will report to DuBose. Sklar will lead a team of 14, including 8 former WestLB employees.
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