General Electric Unit Acquiring CitiCapital's Transportation Financial Services Group

$4.4 billion deal seen enhancing GE Commercial Finance's transportation finance business

$4.4 billion deal seen enhancing GE Commercial Finance's transportation finance business

Stamford, CT — November 29, 2004 — GE Commercial Finance, the B2B financial services unit of General Electric, has agreed to acquire CitiCapital's Transportation Financial Services Group (CTFSG).

A subsidiary of Citigroup, CTFSG provides financing, leasing and asset based lending to the commercial trucking industry. Under terms of the agreement, Citigroup will receive cash proceeds of approximately $4.4 billion.

"The acquisition makes a lot of sense for us," said Mike Neal, president and CEO of GE Commercial Finance. "The transportation finance sector is one that we know well and have the capabilities to grow. This acquisition enhances our financing capabilities in this segment and broadens our relationships with truck manufacturers and dealers."

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For more information on the latest trends in the logistics space, see the article "The Analyst Corner: Fulfillment & Logistics" in the October/November 2004 issue of Supply & Demand Chain Executive.


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Neal said that the CTFSG business will remain based in Dallas. CTFSG has approximately 600 employees and serves more than 49,000 customers throughout North America.

CTFSG finances approximately 196,000 heavy and medium duty commercial trucks and trailers through a variety of customer channels, including truck and trailer dealers, commercial fleets and truck owners/operators.

GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $230 billion and is headquartered in Stamford, Conn.

The agreement is subject to certain regulatory approvals and may close as early as the end of 2004, according to GE.