Funds managed by New York-based alternative investment manager Wafra agreed on 12 June to buy Navitas, the equipment finance business of United Community Banks, for US$1.9bn in cash.
Why Wafra is buying Navitas Credit Corp. and NLFC Reinsurance Corp.
United said the sale sharpens its focus on its core southeastern relationship banking business and lowers its risk profile: Navitas made up 10% of its loan book but about 50% of its net charge-offs in the 12 months to 31 March 2026.
“Over the past eight years, Navitas has been a valuable contributor to United, delivering strong growth and returns for our business”
Deal terms and financing
The price reflected a 7% premium to the par value of Navitas' loans and was expected to add 145 basis points to United's CET1 capital. American Banker reported that Wafra lined up acquisition financing from Bank of America and Wells Fargo plus a further US$1bn to support Navitas' growth.
Regulatory approvals and timing
The deal closed on 1 September 2026, when the preliminary price stood at about US$2.0bn based on 28 August financials.
Market context
Navitas finances small-ticket, essential-use equipment for small and mid-sized businesses. United Community bought it in 2018 for US$130m. Wafra manages about US$30bn across alternative assets.
