GE Consumer Finance to Acquire WMC Finance Co.
STAMFORD, Conn.--(BUSINESS WIRE)--April 20, 2004--GE Consumer
Finance, the consumer lending unit of General Electric Company
(NYSE:GE), today announced it plans to acquire WMC Finance Co. Terms
were not disclosed.
The transaction, which is subject to regulatory approval, is
anticipated to close in the third quarter of 2004 and will expand GE's
global consumer finance business in the United States. GE Consumer
Finance has $107 billion in assets globally.
This acquisition represents an exciting step in the growth and
broadening of our Americas consumer finance business, said Mark W.
Begor, president and chief executive officer of GE Consumer
Finance-Americas. The U.S. market for consumer finance is $7 trillion
and it's growing, and this acquisition immediately gives us another
channel through which we can expand quickly to reach new consumers.
We are thrilled to have the WMC team headed by Amy Brandt join GE
Consumer Finance, said Begor.
WMC, a leading nationwide wholesale lender, originates loans
through its network of more than 10,000 independent distributors who
use WMC's proprietary Internet-based origination system, WMCDirect.
WMC offers instant loan pre-qualifications, electronic document
submissions and loan approvals in minutes with automated underwriting.
The company, which employs more than 1,200 people, will continue
to be based in Woodland Hills, Calif., with offices in Texas and New
York.
WMC is a proven innovator and technology leader, and we've had
tremendous success in growing our business to this point, said Amy
Brandt, WMC's president and chief operating officer, who will lead the
unit as president and CEO when the transaction is completed. This
agreement will allow us to combine WMC's lending expertise and strong
relationships with GE's growth strategy and superior financial
strength to produce a fantastic new business that can better serve the
needs of our customers.
GE acquires WMC from affiliates of Apollo Management L.P. We are
thrilled to have had the opportunity to be a part of WMC's growth over
the last seven years, said Marc Becker, partner at Apollo Management,
L.P. WMC Finance Corp. has gained recognition as one of the leading
companies in this segment, and this acquisition by a world-class
company such as GE is a tribute to WMC employees.
About GE and GE Consumer Finance
GE Consumer Finance, a unit of General Electric Company, with
$107.4 billion in assets, is a leading provider of credit services to
consumers, retailers and auto dealers in 38 countries around the
world. GE Consumer Finance, based in Stamford, Conn., offers a range
of financial products, including private label credit cards, personal
loans, bank cards, auto loans and leases, mortgages, corporate travel
and purchasing cards, debt consolidation and home equity loans and
credit insurance. GE (NYSE: GE) is a diversified technology, media and
financial services company with operations worldwide. More information
about GE can be found online at www.ge.com.
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CONTACT: GE Consumer Finance
Peter Tosches, 203-585-6701 (office)/ 203-247-7487 (cell)
or
WMC Finance Corp.
Brandie Young, 818-592-2319 (office)
Cristy Williams
[email protected]
678.518.2596