Good evening,

It was a big weekend for Westpac Banking Corp’s dealmakers!

After years of thinking and talking about it, the bank’s found a buyer for its auto loans unit.

It signed a deal to sell its auto loans function (not backbook) and dealer finance business to US firm Cerberus Capital late on Sunday, after an auction run by Morgan Stanley.

Cerberus is expected to store Westpac’s unit in Angle Finance, which is its Australian portfolio company, where it will be reunited with Westpac’s vendor finance business, which it picked up last year.

Elsewhere, Macquarie Capital has picked up a healthy contract manufacturing sale mandate, while KKR’s keeping investment bankers busy with Findex.

Happy reading
Sarah Thompson, Anthony Macdonald and Tim Boyd
Street Talk Editors