GE Agrees to Buy Deutsche Bank Unit
General Electric Co. agreed to buy Deutsche Bank’s U.S. leasing unit for about $2.9 billion in cash and assumed debt, its second takeover of a European-owned financing business this month.
Deutsche Financial Services provides financing of office equipment, industrial machines and recreational vehicles for more than 1,000 manufacturers and about 14,000 companies. It has 1,200 workers and receivables of $2.7 billion, it said.
General Electric Chief Executive Jeffrey Immelt has been expanding in Europe, agreeing Sept. 4 to buy the finance unit of Switzerland’s ABB Ltd. for $2.3 billion.
General Electric shares rose 85 cents to $27.90 on the New York Stock Exchange.
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