DANBURY, Conn.--(BUSINESS WIRE)--April 25, 2002--GE Capital Commercial Equipment Financing today announced the closing of its acquisition of Comdisco's Electronics and Laboratory & Scientific leasing businesses.
The initial agreement was signed on January 23, the deal was granted approval by the U.S. Bankruptcy Court for the Northern District of Illinois on January 24, and officially closed today.
The electronics assets will be integrated into CEF's newly established "Global Electronics Solutions (GES)" business, which will focus specifically on the financing needs of the electronics industry. Global Electronics Solutions will offer enhanced asset management capabilities and a broader array of financial products and services to customers. With the addition of the Comdisco assets, GES's portfolio exceeds $1.2 billion in served assets.
"We are very excited about bringing Comdisco's strong asset management and electronic equipment financing expertise into our new Global Electronics Solutions business," said Karl Bongarten, Vice President, GE Capital Commercial Equipment Financing. "By harnessing our collective asset management capabilities and increased financing products and services, we can meet our customers needs with one robust company."
The Laboratory & Scientific assets will be integrated into CEF's existing Life Science and Technology Finance (LSTF) business, which provides financial assistance to Life Science companies throughout the U.S. and Canada with a portfolio exceeding $300 million in served assets representing over 200 customers. This acquisition will provide LSTF with expanded financing products and equipment management services for the Life Science industry, including companies focused on Biotechnology, Drug Discovery and Medical Device Development.
In addition to these two deals closed today, on April 18th the U.S. Bankruptcy Courts approved GE Capital Healthcare Financial Services' agreement to buy Comdisco's healthcare assets. The deal is expected to close in late May.
About GE Capital Commercial Equipment Financing:
GE Capital Commercial Equipment Financing (CEF), a GE Capital Company, helps thousands of customers, from small businesses to Fortune 100 companies, finance the purchase of fixed assets. With $66.4 billion of served assets worldwide, our portfolio includes trucks and trailers, corporate aircraft, manufacturing facilities and construction and office equipment. GE Capital, with assets of US$425 billion, is a global, diversified financial services company grouped into six key operating segments comprised of 25 businesses. A wholly-owned subsidiary of General Electric Company, GE Capital, based in Stamford, Connecticut, provides a variety of consumer services, such as credit cards and life and auto insurance; mid-market financing; specialized financing; specialty insurance; equipment management, and specialized services, to businesses and individuals in 45 countries around the world. GE is a diversified services, technology and manufacturing company with operations worldwide.
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CONTACT:
GE Capital
Marcy Brucellaria, 203/796-1055
Cell: 203-984-1994
David Jensen, 203/961-2281
Cell: 203-912-2580
KEYWORD: CONNECTICUT
INDUSTRY KEYWORD: BANKING COMPUTERS/ELECTRONICS
SOURCE: GE Capital
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340