Bank of Montreal said Thursday it had agreed to acquire General Electric Capital Corp.’s transportation-finance business operations in a multi-billion-dollar deal, bolstering its commercial-banking business and expanding its U.S. footprint. The purchase price wasn’t disclosed, though BMO said the business being acquired had net earning assets of about $8.7 billion at June 30 and that the final price would be based on the value of those assets at closing, plus an unspecified premium. BMO, Canada’s fourth-largest bank by assets,...
Bank of Montreal (BMO ) is to purchase General Electric's transportation finance business in the United States , the largest financier to the commercial truck and trailer segment in North America , which had net earning assets of $ billion-dollar at the first quarter . The deal is scheduled to close in the end of June . This is part of GE Capital's ongoing strategy of reducing the size of its financial business through the sale of most of the assets of its GE Capital unit.