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American Express buys SierraCities.com

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New York--American Express Co. and SierraCities.com Inc. announced Thursday that they have signed a definitive agreement for American Express to acquire SierraCities.com for $107.5 million. The acquisition will significantly expand AmEx's existing equipment financing business and increase the company's market share in small business lending. American Express provides equipment financing via participating vendors in the form of leases, and directly to small businesses through term loans.
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