GE: ACQUISITION OF IKON LEASING U.S.

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GE: ACQUISITION OF IKON LEASING U.S.

 user 2004-04-01 at 10:21:00 am Views: 99
  • #6836
    GE Commercial Finance Completes Acquisition of IKON’s Leasing Operations in the U.S.
     GE Commercial Finance, the business-to-business financial services unit of General Electric, announced Wednesday that it has completed the acquisition of certain assets and liabilities from IKON Office Solutions, including a $1.9B leasing portfolio in the U.S. In addition, GE and IKON have entered into a Program Agreement whereby GE will fund and service future lease originations of IKON in the U.S. GE will also purchase IKON’s Canadian lease portfolio and provide funding and servicing of future Canadian lease originations. Closing of the Canadian acquisition and program agreement will be subject to customary closing conditions including any necessary Canadian regulatory approvals. Approximately 400 of IKON’s leasing employees have received offers of employment from GE. The business, now known as IKON Financial Services(SM), will continue to operate from the existing facility in Macon, GA.