NORTHBROOK, ILL. — Orix Corp. USA, the U.S. arm of Japanese investment firm Orix, has entered into a definitive agreement to acquire a majority equity ownership of Hilco Global, a financial services firm headquartered in Northbrook. The deal values the firm at $1 billion, reports Crain’s Chicago Business. The proposed transaction will create a new asset-based lending arm.
Under the terms of the agreement, Jeffrey Hecktman will continue to lead Hilco as CEO, and Hilco will operate as a subsidiary of Orix. The transaction is expected to close in the third quarter, subject to customary closing conditions and regulatory approvals. Davis Polk & Wardwell LLP provided legal counsel to Orix. J.P. Morgan Securities LLC served as financial advisor to Hilco, and Kirkland & Ellis LLP and Greenberg Traurig LLP provided legal counsel. Founded in 1987, Hilco maintains more than 770 employees worldwide.