General Electric Capital Corporation, the financial services subsidiary of General Electric (GE), is to acquire Heller Financial, $for 5.3 billion cash, or 53.75 dollars per share.
The announcement was made by Mr Denis Nayden, chairman and chief executive officer of GE Capital, and Mr Richard Almeida, chairman and chief executive officer of Heller Financial.
The boards of directors of both companies have approved the agreement.
Heller's primary businesses are in commercial finance, equipment leasing and real estate finance.
The merger agreement provides for a cash tender offer by GE Capital for all of Heller's outstanding common stock, which will commence within the next five business days.
AFP
