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Westpac Banking Corp Acquires Lloyds Banking Group PLC's Australian Businesses

Thursday, 10 Oct 2013 06:00pm EDT 

Westpac Banking Corp announced it has entered an agreement to acquire Lloyds Banking Group's Australian asset finance business, Capital Finance Australia Ltd (CFAL), and its corporate loan portfolio, BOS International Australia Ltd (BOSI), for $1.45 billion. This follows Lloyds' decision to focus on its UK business. The purchase price of $1.45 billion includes approximately $1.19 billion in net tangible assets and approximately $260 million in goodwill. The acquisition will be funded from internal resources. The deal is not subject to regulatory approvals and is expected to be completed on December 31, 2013. 

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