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Eclipx to sell Australian commercial equipment finance business to Grow Asset

Eclipx Group Ltd. is selling its Australian commercial equipment financing business to Grow Asset Finance for A$14.6 million.

The transaction is expected to close in the coming days, Eclipx said in a Sept. 13 release. The net proceeds from the sale will be applied to the reduction of corporate debt.

Eclipx CEO Julian Russell said the sale is part of the company's previously announced simplification plan. Eclipx had sold online auction businesses, GraysOnline and AreYouSelling, to Quadrant Pvt. Equity Pty Ltd. for A$60 million in July.

The sale will result in an accounting loss of approximately A$15 million, which will be recognized in the second half accounts.

The employees of Eclipx Commercial Equipment Finance Australia will transition with the business.