GE Capital, the financial services arm of General Electric Co., has acquired the credit unit of insurer SAFECO Corp., according to a report by Reuters Securities.
While financial details of the transaction were undisclosed, Reuters reported its had sources familiar with the deal which estimated GE Capital paid approximately $220 million for Redmond, Washington-based SAFECO Credit Co. Inc.
Reuters further noted that the acquisition will expand the presence of GE Capital’s Commercial Equipment Financing (CEF) unit on the west coast and will add SAFECO Credit’s 250 employees to the 4,300 employees of CEF.
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