Sanyo Electric Credit complements GE Commercial Finance's existing strength in medium and large ticket leasing and loans, via its GE Capital Leasing Corporation.
The offer is supported by Sanyo Electric Credit's Board of Directors and is conditioned on the tender of least two thirds of Sanyo Electric Credit's shares. GE's all-cash offer for Sanyo Electric Credit is approximately US$1.1 billion. The deal is expected to close in the second quarter of this year.
"Sanyo Electric Credit will be a valuable addition to what we can provide business customers at all levels,"Â said John Flannery, president and CEO, GE Commercial Finance Asia. "It significantly enhances the breadth and depth of our financial services to all kinds of Japanese businesses.
"Strengthening our position in Japan, one of the world's most important commercial markets, is a strategic priority for GE,"Â Flannery noted. "We've actively expanded our investments and alliances in Japanese commercial finance since we started with GE Capital Leasing in 1999. GE has a 100 year history of doing business in Japan, and this represents a very important development"Â - General Electric.
